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Professor Emeritus of Petroleum Economics and renowned energy expert Wumi Iledare has explained why falling crude oil prices do not immediately translate to a reduction in fuel pump prices.
Prof. Iledare noted that while it is natural for consumers to expect that if a major input falls, the prices of refined petroleum products should also decline, it is, however, important to recognise that the relationship between crude oil prices and retail petroleum product prices is neither direct nor instantaneous..See the video & full news here.
