Petrol prices to continue falling until June  —  Rewane

Bismarck Rewane, the Managing Director of Financial Derivatives Company Limited, has indicated that the decline in petrol prices is expected to persist until June 2025.

Recently, the Nigeria National Petroleum Company Limited (NNPCL) and Dangote Refinery revealed a decrease in the price of petrol.

During an appearance on Channels Television’s Business Morning on Tuesday, March 4, 2025, Rewane remarked that this price reduction trend would continue through the middle of the year.

“Overall, we can anticipate a decline in prices from now until June. However, post-June, as the situation stabilizes, the dynamics will depend on developments in the global oil and currency markets, which may lead to some stabilization,” he explained.

He emphasized that the ongoing price competition between Dangote Refinery and NNPCL will ultimately benefit consumers.

“In a price competition, there are no winners; consumers gain in the short term, but eventually, the market returns to its natural state. Nevertheless, between now and June, we will see a clear establishment of price leadership,” Rewane stated.

He attributed Dangote Refinery’s reduction in petrol prices to improved production cost efficiency, among other factors.

In its announcement regarding the price cut, Dangote Refinery specified that for MRS Holdings stations, petrol will be priced at ₦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 regions.

Additionally, the same product will be available at AP (Ardova Petroleum) and Heyden stations for ₦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.

Shortly after Dangote Refinery's announcement, the NNPCL also lowered its pump price to ₦860 per liter across its stations in Lagos State.

However, the corporation has yet to officially issue a statement to that effect.