Bismarck Rewane, Managing Director of Financial Derivatives Company Limited, has predicted that petrol prices will continue to decline until June 2025.
Speaking on Business Morning on Channels Television on Tuesday, March 4, Rewane attributed the trend to the ongoing price competition between the Nigerian National Petroleum Company Limited (NNPCL) and Dangote Refinery.
“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 said.
He noted that while price wars often create uncertainty, consumers stand to gain the most.
“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.
READ ALSO: Dangote Refinery Slashes Petrol Price Again, Now N860/Litre in Lagos
“But, at the end of the day, between now and June, the price leadership will be firmly established,” Rewane added.
According to him, Dangote Refinery’s ability to lower prices stems from production cost efficiency and other factors.
Dangote Refinery recently announced a reduction in petrol prices, setting pump prices at ₦860 per litre in Lagos, ₦870 in the South-West, ₦880 in the North, and ₦890 in the South-South and South-East at MRS Holdings stations.
Prices at AP (Ardova Petroleum) and Heyden stations were slightly higher, ranging from ₦865 in Lagos to ₦895 in the South-South and South-East.
Days later, NNPCL followed suit, cutting its pump price to ₦860 per litre across its stations in Lagos.