Bismarck Rewane, the Managing Director of Financial Derivatives Company Limited, has stated that the downward trend of petrol price will continue until June 2025.
The Nigeria National Petroleum Company Limited (NNPCL) and Dangote Refinery recently announced a reduction in the price of the commodity.
However, while speaking on Channels Television’s Business Morning on Tuesday, March 4, 2025, Rewane said the price reduction would continue until mid-year.
“So, generally, between now and June, we will see prices begin to decline. But after June, as things stabilize, depending on what happens in the global oil and currency market, we might begin to see some stabilization,” he stated.
He maintained that the price war between Dangote Refinery and NNPCL will benefit the consumer more.
“In a price war, nobody wins; the consumers win in the short run, and then eventually, the market goes back to where it should be. But, at the end of the day, between now and June, the price leadership will be firmly established,” Rewane said.
According to him, Dangote Refinery’s reduction in the pump price of petrol is due to production cost efficiency, among other factors.
While announcing the reduction in its petrol pump price, Dangote Refinery said, “For MRS Holdings stations, it will sell for ₦860 per liter in Lagos, ₦870 per liter in the South-West, ₦880 per liter in the North, and ₦890 per liter in the South-South and South-East respectively.
“The same product will also be available at the following prices in AP (Ardova Petroleum) and Heyden stations: ₦865 per liter in Lagos, ₦875 per liter in the South-West, ₦885 per liter in the North, and ₦895 per liter in the South-South and South-East.”
Days after Dangote Refinery announced its price reduction, the NNPCL reduced its pump price to N860 per litre across its stations in Lagos state.
However, the corporation has yet to officially issue a statement to that effect.
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