Petrol prices in Nigeria will continue to drop until June 2025, says Bismarck Rewane, Managing Director of Financial Derivatives Company Limited.
Speaking on a television business show on Tuesday Morning, he explained that a price war between Dangote Refinery and NNPCL is driving the decline.
“So, generally, between now and June, we will see prices begin to decline,” Rewane said.
He added that the global oil market and currency fluctuations will determine if prices stabilize after June.
Consumers to Benefit from Price War
Rewane said the competition between Dangote Refinery and NNPCL will benefit consumers in the short term.
“In a price war, nobody wins. Consumers win in the short run, and then eventually, the market goes back to where it should be,” he said.
Recently, Dangote Refinery reduced petrol prices, setting rates at:
- ₦860 per liter in Lagos
- ₦870 per liter in the South-West
- ₦880 per liter in the North
- ₦890 per liter in the South-South and South-East
Major fuel retailers like MRS Holdings, Ardova Petroleum (AP), and Heyden have adjusted their prices accordingly.
Following Dangote’s move, NNPCL reduced its pump price to ₦860 per liter across its Lagos stations.
This marks the first major fuel price war in Nigeria since Dangote Refinery began local production, increasing competition in the downstream oil sector.
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