Bismarck Rewane, Managing Director of Financial Derivatives Company Limited, has forecasted that the price of Premium Motor Spirit (PMS), commonly known as petrol, will continue to decline until June 2025.
In recent weeks, both Dangote Refinery and the Nigerian National Petroleum Corporation Limited (NNPCL) have reduced the price of petrol, easing the burden on millions of Nigerians who rely on fuel for their energy needs.
Rewane predicts that this decrease in pump prices will persist until mid-2025.
“Between now and June, we will see prices gradually decline.
However, after June, as things stabilize, depending on developments in the global oil and currency markets, we may see some stabilization,” Rewane said during Tuesday’s edition of Channels Television’s *Business Morning*.
Read Also: Dangote Refinery To Refund Customers Who Bought Fuel At Old Price
He also stated that the ongoing price competition between Dangote Refinery and NNPCL will ultimately benefit consumers in the short term.
“In a price war, the consumers are the real winners initially, although the market will eventually return to its equilibrium. But between now and June, we will see price leadership firmly established,” Rewane explained.
Rewane attributed Dangote Refinery’s reduction in petrol prices to production cost efficiencies, among other factors.
Recently, Dangote Refinery lowered its gantry price from ₦890 to ₦825 per litre and announced that it would refund customers who had purchased fuel at higher prices through its key partners.
For MRS Holdings stations, the new price will be ₦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.
Similarly, Ardova Petroleum (AP) and Heyden stations will sell petrol at ₦865 per litre in Lagos, ₦875 per litre in the South-West, ₦885 per litre in the North, and ₦895 per litre in the South-South and South-East.
Meanwhile, NNPCL also reduced its pump price to ₦860 per litre at its stations in Lagos on Monday, though it has not yet issued an official statement regarding the change.
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