Amid the petrol price competition between Dangote and NNPCL, we’ve outlined the benefits for both consumers and marketers. Check the latest petrol prices below!
The ongoing price competition between Dangote Refinery and the Nigerian National Petroleum Company Limited (NNPCL) is expected to drive petrol prices lower until at least June 2025, offering relief to consumers, according to economist Bismarck Rewane.
Speaking on Channels Television’s Business Morning on Tuesday, Rewane, the Managing Director of Financial Derivatives Company Limited, stated that the downward trend in fuel prices would persist in the coming months due to the intense rivalry between the two industry giants.
“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 explained.
He emphasized that while price wars are typically unsustainable, they tend to favor consumers in the short term. “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,” he noted.
Rewane attributed Dangote Refinery’s price cuts to improved production cost efficiency and other economic factors.
Following Dangote Refinery’s announcement of a petrol price reduction, fuel prices at MRS Holdings stations were set at ₦860 per liter in Lagos, ₦870 in the South-West, ₦880 in the North, and ₦890 in the South-South and South-East.
Similarly, Ardova Petroleum (AP) and Heyden stations adjusted their prices to ₦865 per liter in Lagos, ₦875 in the South-West, ₦885 in the North, and ₦895 in the South-South and South-East.
In response, NNPCL swiftly lowered its pump price to ₦860 per liter across its stations in Lagos, intensifying the competition.
With both companies battling for market dominance, consumers remain the biggest beneficiaries as fuel prices continue to decline. However, industry experts caution that long-term trends will depend on global oil prices and currency fluctuations.
