Petrol prices in Nigeria are expected to continue falling until June 2025, according to financial expert Bismarck Rewane.
This comes as the Nigeria National Petroleum Company Limited (NNPCL) and Dangote Refinery recently announced price reductions for fuel across the country.
Rewane, the Managing Director of Financial Derivatives Company Limited, spoke on Channels Television’s Business Morning on Tuesday, March 4, 2025.
He explained that the ongoing decrease in petrol prices is likely to persist for a few more months.
According to him, the competition between Dangote Refinery and NNPCL is the main reason for the price cuts. This “price war” is pushing both companies to lower their rates, which benefits consumers in the short term.
“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 stated.
“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 added.
The recent price drop started with Dangote Refinery, which announced lower petrol prices across various regions in Nigeria. The company attributed the decrease to improved production efficiency and cost reductions.
As of the latest update, Dangote Refinery’s petrol prices have dropped to ₦860 per litre in Lagos, ₦870 per litre in the South-West, ₦880 per litre in the North, and ₦890 per litre in the South-South and South-East. Other major retailers, including Ardova Petroleum (AP) and Heyden stations, have also adjusted their prices accordingly.
Shortly after Dangote Refinery announced its price cut, the NNPCL responded by reducing its petrol price to ₦860 per litre at its filling stations in Lagos.
