NNPC Vs Dangote Refinery: Rewane Predicts More Fuel Price Decline

Fuel price will continue to decrease, extending through June 2025, says Bismarck Rewane, the Managing Director of Financial Derivatives Company Limited.
Nigerianwaves is aware that recent actions by both Dangote Refinery and the Nigeria National Petroleum Company Limited (NNPCL) have significantly lowered the price of this vital commodity, providing relief to millions of Nigerians reliant on fuel for their energy requirements.

Rewane anticipates that the recent drop in petrol prices at the pump will persist until the middle of the year.

He attributes this price reduction at Dangote Refinery to enhanced production cost efficiencies, among other contributing factors.

Notably, the Dangote Refinery has recently adjusted its gantry price from ₦890 to ₦825 per litre and has committed to reimbursing customers who purchased fuel at higher rates from its primary partners.

Rewane 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 stabilisation,” Rewane said on Tuesday’s edition of Channels Television’s Business Morning.

He said the price war between Dangote Refinery and NNPCL will benefit the consumer more.

“In a price war, nobody wins, the consumers win in the short run then eventually the market goes back to where it should be. But, at the end of the day, the price leadership will be firmly established between now and June,” Rewane said.

Don’t miss out on any real-time information. Join our WhatsApp group to stay updated.

CLICK HERE TO JOIN

“For MRS Holdings stations, it will sell for ₦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 respectively,” the management said of Dangote Refinery said.

“The same product will also be available at the following prices in AP (Ardova Petroleum) and Heyden stations: ₦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.”

The NNPCL also reduced its pump price to ₦860 per litre across its stations in Lagos state on Monday but has yet to issue a statement officially.