Petrol Prices To Decline Until June, Says Economist Rewane

The Managing Director of Financial Derivatives Company Limited, Bismarck Rewane, has predicted that petrol prices in Nigeria will continue to decline until June 2025, citing market competition and production efficiencies as key factors.

Speaking on Channels Television’s ‘Business Morning’ on Tuesday, March 4, 2025, monitored by our correspondent, Rewane explained that the recent fuel price reductions by the Nigerian National Petroleum Company Limited (NNPCL) and Dangote Refinery signalled a downward trend that will persist in the coming months.

According to him, “So, generally, between now and June, we will see prices begin to decline. But after June, as things stabilize, depending on what happens in the global oil and currency market, we might begin to see some stabilization.”

He emphasised that the ongoing price competition between NNPCL and Dangote Refinery would primarily benefit consumers. “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. But, at the end of the day, between now and June, the price leadership will be firmly established,” he said. He further noted that Dangote Refinery’s ability to reduce prices is largely due to improved production cost efficiency.

Dangote Refinery recently announced a reduction in its petrol pump price, with MRS Holdings stations selling 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. Similarly, AP (Ardova Petroleum) and Heyden stations adjusted their prices to ₦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.

Following this development, NNPCL also lowered its pump price to ₦860 per liter across its stations in Lagos. However, the corporation has yet to make an official announcement regarding the price change.

With the continued adjustments, all eyes remained on the market as analysts anticipate whether prices will stabilise after June, as projected by Rewane.