Petrol Prices Expected to Decline Until June 2025, Says Bismarck Rewane

Bismarck Rewane

Bismarck Rewane, Managing Director of Financial Derivatives Company Limited, has projected that the current downward trend in petrol prices will persist until June 2025. This forecast comes on the heels of recent price reductions announced by both the Nigeria National Petroleum Company Limited (NNPCL) and Dangote Refinery.

During an appearance on Channels Television’s Business Morning program on Tuesday, March 4, 2025, Rewane explained that the decline in petrol prices is expected to continue until mid-year. “Between now and June, we will see prices continue to fall. However, after June, as market conditions stabilize—particularly in the global oil and currency markets—we may begin to see prices level off,” he stated.

Rewane emphasized that the ongoing price competition between Dangote Refinery and NNPCL is ultimately beneficial for consumers. “In a price war, no one truly wins except the consumers in the short term. Eventually, the market will stabilize, but for now, price leadership will be firmly established by June,” he added.

He attributed Dangote Refinery’s ability to reduce petrol prices to its efficiency in production costs and other operational factors.

Dangote Refinery recently announced a new pricing structure for its petrol, with variations across different regions. According to the company, petrol will be sold 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, Ardova Petroleum (AP) and Heyden stations will offer petrol at ₦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 Dangote Refinery’s announcement, NNPCL also reduced its petrol price to ₦860 per liter at its stations in Lagos. However, the corporation has not yet released an official statement regarding this adjustment.

As the price war unfolds, consumers are expected to enjoy lower fuel costs in the coming months, with market dynamics likely to stabilize later in the year.

Source News
Vanguard

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