Bismarck Rewane Predicts Continued Reduction in Petrol Prices
Bismarck Rewane, the Managing Director of Financial Derivatives Company Limited, has projected that petrol prices in Nigeria will continue to decline until June 2025.
Both the Nigerian National Petroleum Company Limited (NNPCL) and Dangote Refinery recently announced reductions in petrol prices, signaling a potential market shift beneficial to consumers.
Speaking during an interview on Channels Television’s Business Morning on Tuesday, March 4, 2025, Rewane explained that the downward trend would likely persist over the next few months before reaching stability.
“Between now and June, we will see a continuous decline in petrol prices. However, after June, depending on fluctuations in the global oil market and currency exchange rates, we might witness price stabilization,” Rewane stated.
Consumers to Benefit from Petrol Price Competition
Rewane emphasized that the competition between Dangote Refinery and NNPCL would ultimately favor consumers, at least in the short term.
“In any price war, the real winners are consumers. While companies compete, petrol prices drop, providing relief for buyers. However, as the market stabilizes, prices will eventually align with production costs and supply factors,” he explained.
The price reduction by Dangote Refinery stems from cost-efficient production processes and other competitive factors.
Updated Petrol Pump Prices Across Nigeria
As part of its recent price reduction, Dangote Refinery released new petrol pump prices across various regions in Nigeria:
- MRS Holdings stations:
- Lagos – ₦860 per liter
- South-West – ₦870 per liter
- Northern region – ₦880 per liter
- South-South and South-East – ₦890 per liter
- AP (Ardova Petroleum) and Heyden stations:
- Lagos – ₦865 per liter
- South-West – ₦875 per liter
- Northern region – ₦885 per liter
- South-South and South-East – ₦895 per liter
Days after Dangote Refinery’s announcement, NNPCL followed suit, reducing its pump price to ₦860 per liter at its filling stations in Lagos. However, an official statement confirming this adjustment is yet to be issued by the corporation.
For additional insights on Nigeria’s fuel market trends, visit Reuters for expert analysis.
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