Bismarck Rewane, the Managing Director of Financial Derivatives Company Limited, has stated that the declining trend in petrol prices will continue until June 2025. The Nigeria National Petroleum Company Limited (NNPCL) and Dangote Refinery have announced a price cut for the commodity.
However, while speaking on Channels Television’s Business Morning on Tuesday, March 4, 2025, Rewane stated that the price cuts would continue until mid-year. “So, between now and June, we will see prices starting to fall. But after June, when things settle down, depending on what happens in the global oil and currency markets, we may see some stabilisation,” he said.
He insisted that the price war between Dangote Refinery and NNPCL will benefit consumers more. “In a pricing war, nobody wins; consumers win in the short run, and the market finally returns to its proper level. But, at the end of the day, between now and June, pricing leadership will be solidified,” Rewane added. According to him, Dangote Refinery’s reduction in petrol pump prices is attributable to manufacturing cost efficiency, among other considerations.
Dangote Refinery announced a cut in petrol pump prices for MRS Holdings stations, with prices starting at ₦860 per litre in Lagos, ₦870 in the South-West, ₦880 in the North, and ₦890 in the South-South and South-East. “The same product will also be available at the following prices in AP (Ardova Petroleum) and Heyden stations: ₦865 per litre in Lagos, ₦875 per litre in the South-West, ₦885 per litre in the North, and ₦895 per litre in the South-South and South-East.” Days after Dangote Refinery announced its price decrease, NNPCL reduced its pump price to N860 per litre across its Lagos stations.
