Bismarck Rewane, Managing Director of Financial Derivatives Company Limited, has predicted that petrol prices will continue to decline until June 2025.
Speaking on Channels Television’s Business Morning on Tuesday, March 4, 2025, Rewane attributed the trend to ongoing price competition between Dangote Refinery and the Nigerian National Petroleum Company Limited (NNPCL). He noted that while consumers would benefit in the short term, prices might stabilize after June, depending on global oil and currency market conditions.
“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,” he said.
Dangote Refinery recently announced a price reduction due to improved production cost efficiency. The new pump prices at MRS Holdings stations are ₦860 per liter in Lagos, ₦870 in the South-West, ₦880 in the North, and ₦890 in the South-South and South-East. Ardova Petroleum (AP) and Heyden stations are selling at ₦865 in Lagos, ₦875 in the South-West, ₦885 in the North, and ₦895 in the South-South and South-East.
Following Dangote’s adjustment, NNPCL reduced its petrol price to ₦860 per liter at its Lagos stations, though it has yet to make an official announcement.
