The Managing Director of Financial Derivatives Company Limited, Bismarck Rewane, has predicted that the price of Premium Motor Spirit (PMS), also known as petrol, will continue to fall until June 2025. Rewane made this disclosure on Channels Television’s Business Morning on Tuesday, citing the ongoing price war between Dangote Refinery and the Nigerian National Petroleum Company Limited (NNPCL) as a key factor.
According to Rewane, the downward trend in petrol prices will benefit consumers the most. He stated, “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.”
Rewane also emphasized that the price war between Dangote Refinery and NNPCL will ultimately lead to price leadership being established. “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,” he explained.
Dangote Refinery recently reduced its pump price of petrol, citing production cost efficiency as a key factor. The new prices range from ₦860 to ₦895 per liter, depending on the location. The NNPCL followed suit, reducing its pump price to N860 per litre across its stations in Lagos State.
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