Bismarck Rewane, the managing director of Financial Derivatives Company Limited, has predicted that gasoline’s price will continue to decline until June 2025.
In recent weeks, Nigeria National Petroluem Company Limited (NNPCL) and Dangote Refinery have both reduced the cost of the essential commodity, easing the burden on millions of Nigerians who rely on fuel for their energy needs.
Rewane claims that the product’s recent price reduction will likely continue to be effective until the middle of the year.
“So prices will start to drop generally between now and June. However, Rewane predicted that if the world’s oil and currency markets stabilize after June, there might be some stabilization, according to Rewane on Tuesday’s episode of Channels Television’s Business Morning  show.
Read more about Dangote Refinery’s Reduced Petrol Price in Lagos to $860 per liter.
“Nobody Wins,”
He believes that the consumer will gain more from Dangote Refinery’s and NNPCL’s price war.
No one wins in a price war; instead, the consumers win in the long run, and then the market returns to its proper state. However, Rewane said that the price leadership will be firmly established between now and June.
He attributed, among other things, production cost efficiency to the reduction in the pump price of gasoline.
Similar to Dangote, NNPCL Lowers Petrol Price As Competition Grows.
The Dangote Refinery recently reduced the gantry price from 890 to 825 per litre. Additionally, it made a promise to reimburse customers for fuel purchases from its key partners.
According to Dangote Refinery’s management, “it will sell for 890 per litre in the South-South and South-East, 870 per litre in the South-West, and 880 per litre in the North, and 890 per litre in the South-South and South-East, respectively.”
In AP (Ardova Petroleum) and Heyden stations, the same product will be priced at 875 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.
NNPCL, the company’s parent company, also reduced its pump price to 860 per litre across its Lagos state stations on Monday, but it has not yet made an official statement in that regard.
During his inauguration in May 2023, President Bola Tinubu announced the end of the fuel subsidy, leading to a rise in the item’s price.
Source: Channels TV
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