Bismarck Rewane, Managing Director of Financial Derivatives Company Limited, has projected that petrol prices in Nigeria will continue to fall until June 2025. This follows recent price reductions by the Nigeria National Petroleum Company Limited (NNPCL) and Dangote Refinery.
Speaking on Channels Television’s Business Morning, Rewane attributed the decline to a price war between NNPCL and Dangote Refinery, emphasizing that consumers will benefit in the short term. He noted that Dangote Refinery’s price cuts result from production cost efficiency and other factors.
Currently, Dangote Refinery sells petrol at varying rates across regions, with prices ranging from ₦860 per liter in Lagos to ₦895 per liter in the South-South and South-East. In response, NNPCL has reportedly reduced its price to ₦860 per liter in Lagos, though an official statement is yet to be released.
Rewane predicts that after June, petrol prices may stabilize based on global oil market trends and currency fluctuations.
