By NIGPOST
Bismarck Rewane, the Managing Director of Financial Derivatives Company Limited, has predicted that petrol prices in Nigeria will continue to decline until June 2025.
This comes after the Nigerian National Petroleum Company Limited (NNPCL) and Dangote Refinery announced a reduction in fuel prices, bringing relief to consumers nationwide.
Why Petrol Prices Are Dropping
Speaking on Channels Television’s Business Morning on Tuesday, March 4, 2025, Rewane explained that the downward trend in prices is expected to continue over the coming months.
“Between now and June, we will see petrol prices decline. However, after June, depending on global oil and currency market trends, prices may stabilize,” he said.
Competition Between NNPCL and Dangote Refinery Benefits Nigerians
Rewane pointed out that the price competition between NNPCL and Dangote Refinery is advantageous for consumers.
“In a price war, the consumer benefits in the short run. Eventually, the market stabilizes, but for now, we expect lower prices,” he added.
He also attributed Dangote Refinery’s ability to lower prices to improved production cost efficiency.
New Petrol Prices Across Nigeria
Dangote Refinery recently adjusted its pump prices as follows:
- Lagos – ₦860 per liter (MRS Holdings), ₦865 per liter (AP & Heyden)
- South-West – ₦870 per liter (MRS), ₦875 per liter (AP & Heyden)
- North – ₦880 per liter (MRS), ₦885 per liter (AP & Heyden)
- South-South & South-East – ₦890 per liter (MRS), ₦895 per liter (AP & Heyden)
Following Dangote’s price cut, NNPCL also reduced its pump price to ₦860 per liter across its stations in Lagos.
However, an official statement from the corporation is yet to be released.
Conclusion
As competition intensifies in the Nigerian oil market, consumers are likely to enjoy lower petrol prices in the coming months.
However, market stabilization post-June remains uncertain, depending on global economic factors.
Stay tuned to NIGPOST for the latest updates on fuel prices and economic trends.
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