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The Managing Director of Financial Derivatives Company Limited, Bismarck Rewane, has said that the fall in the price of Premium Motor Spirit, also known as petrol, will continue to fall till June 2025.
Rewane disclosed this while speaking on Channels Television’s Business Morning on Tuesday.
According to him, 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.
He said, “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.
“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.
He 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 ₦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 respectively.
“The same product will also be available at the following prices in AP (Ardova Petroleum) and Heyden stations: ₦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.”
Days after Dangote Refinery announced its price reduction, the NNPCL reduced its pump price to N860 per litre across its stations in Lagos State.
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