Dangote, NNPCL petrol price war: Further price drop likely from now till June — Rewane

Bismarck Rewane, the Managing Director of Financial Derivatives Company Limited, says Nigerian will see further drop in petrol price from now till June 2025.

Rewane who disclosed this while speaking on Channels Television’s Business Morning on Tuesday, noted that the downward trend in petrol prices would continue until mid-year, while emphasising that price war between Dangote Refinery and NNPCL will benefit the consumer more.

“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.

“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,” Rewane said.

Rewane also maintained that Dangote Refinery’s reduction in the pump price of petrol is due to production cost efficiency, among other factors.

While announcing the reduction in its petrol pump price, Dangote Refinery said, “For MRS Holdings stations, it will sell for N860 per liter in Lagos, N870 per liter in the South-West, N880 per liter in the North, and N890 per liter in the South-South and South-East respectively.

“The same product will also be available at the following prices in AP (Ardova Petroleum) and Heyden stations: N865 per liter in Lagos, ₦875 per liter in the South-West, N885 per liter in the North, and N895 per liter in the South-South and South-East.”

Days after Dangote Refinery announced its price reduction, the NNPCL reduced its pump price to N860 per litre across its stations in Lagos State