Business
Fuel Prices To Continue Decline, Says Rewane
Published
6 months agoon
By
Editor
Managing Director of Financial Derivatives Company Limited, Bismarck Rewane, has predicted that the cost of premium motor spirit also known as petrol will continue to decline until June 2025.
Both Dangote Refinery and the Nigeria National Petroluem Company Limited (NNPCL) have crashed the cost of the essential commodity in recent weeks, easing the pressure on millions of Nigerians who depend on fuel for their energy needs.
But Rewane says the recent reduction in the pump price of the product is expected to continue until mid-year.
READ ALSO: Lagos Reaffirms Ban On Flogging In Schools, Upholds Counseling
“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 show.
‘Nobody Wins’
According to him, 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, between now and June, the price leadership will be firmly established,” Rewane said.
He attributed Dangote Refinery’s reduction in the pump price of petrol to production cost efficiency among other factors.
The Dangote Refinery recently reduced its gantry price from ₦890 to ₦825 per litre. It also promised to refund customers who bought fuel at higher prices from its key partners.
READ ALSO::Why Nigeria Will Continue To Produce Fossil Fuels – Lokpobiri
“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 it is yet to officially issue a statement to that effect.
You may like
Business
NNPCL Reduces Fuel Price After Dangote Refinery’s Adjustment
Published
1 week agoon
August 14, 2025By
Editor
The Nigerian National Petroleum Company Limited has reduced its premium motor spirit pump price on Thursday, according to DAILY POST.
It was confirmed that NNPCL retail outlets in the Federal Capital Territory, Abuja, have reduced their pump price to N890 per litre from N945.
This new fuel price has been reflected in NNPCL retail outlets such as mega station Danziyal Plaza, Central Area, Wuse Zone 4, Wuse Zone 6, and other of its filling stations in the nation’s capital.
READ ALSO:N5bn Damage: NNPCL Secures Appeal Court Victory Against Ararume
The latest downward review of fuel price in NNPCL outlets represents an N55 reduction in fuel pump price.
“It was reduced to N890 per litre this afternoon, down from N945,” an NNPCL fuel attendant told DAILY POST anonymously on Thursday.
This comes a Nigerian filling station, MRS Empire Energy, on Thursday adjusted their fuel pump price to N885 and N946 per litre, down from N910 and N955 per litre.
The latest fuel price reduction trend is unconnected to Dangote Refinery’s ex-depot petrol price adjustment by N30 to N820 per litre from N850 and the price of crude oil in the international market.

Dangote Petroleum Refinery has announced a reduction in the ex-depot (gantry) price of Premium Motor Spirit, PMS, commonly known as petrol, by N30, from N850 to N820 per litre, effective from August 12, 2025.
This was disclosed in a statement by the company’s spokesman, Anthony Chijiena, on Tuesday.
The 650,000-barrel-per-day plant said the move is part of its unwavering commitment to national development, assuring the public of a consistent and uninterrupted supply of petroleum products.
READ ALSO:Dangote Refinery Gets New CEO
“In line with our dedication to operational excellence and sustainable energy solutions, Dangote Petroleum Refinery will commence the phased deployment of 4,000 CNG-powered trucks for fuel distribution across Nigeria, effective August 15, 2025,” said Chijiena.
The announcement comes as the refinery prepares to commence direct fuel distribution nationwide. The development is expected to lead petroleum product marketers to reduce their pump prices in the coming days.
In Abuja, the retail fuel price stood between N885 and N970 per litre as of Tuesday evening.
Business
Indian Refiners Abandon Russia For Nigerian Crude, As Dangote Refinery Relies On US
Published
2 weeks agoon
August 11, 2025By
Editor
India Refineries have abandoned Russian crude for Nigerian crude, while domestic refiner Dangote Refinery relies heavily on West Texas Intermediate crude from the United States of America.
This followed a recent sanction threat by US president Donald Trump on India over continued patronage of Russian crude.
According to Reuters, industry sources said that Indian Oil Corporation recently bought one million barrels of Nigeria’s Agbami crude for September 2025 delivery in a tender awarded to global trader Trafigura.
Also included are one million barrels of Angola Girassol, one million barrels of US Mars, three million barrels of Abu Dhabi Murban, and two million barrels of Nigerian oil, according to Reuters.
READ ALSO:‘My Eyes Dey Your Body’: Drama As Portable Professes Love For Regina Daniels
The report noted that the purchase is part of a broader sourcing spree that has seen Indian refiners secure millions of barrels from non-Russian sources post July 2025.
Meanwhile, Indian refiners secured purchases of Nigerian crude grades; the $20bn Dangote Petroleum Refinery in Ibeju-Lekki, Lagos, is relying on around 60 percent on US and other imoorts to feed its processing units.
Data showed that the refinery imported an average of 10 million barrels in July 2025, saying it was increasingly relying on the US for its feedstock despite the naira-for-crude deal with the Federal Government, which kicked off in October last year.
According to Reuters, the Indian Oil Corp and Bharat Petroleum have bought a million barrels of non-Russian crude billed for delivery in September and October after the US pressured India to halt purchases from Russia.
READ ALSO:
Indian state refiners had been largely absent from the Nigerian crude market spotlight since 2022; they have in the past concentrated on Russian crude amid the Russian-Ukrainian war. However, the Indian refiners paused Russian purchases in late July 2025 after pressure from US President Donald Trump.
On the part of Dangote Refinery, data from commodities analytics firm Kpler showed that in July, US barrels accounted for about 60 percent of Dangote’s 590,000 barrels per day of crude intake, with Nigerian grades making up the remaining 40 percent.
In July, the Dangote refinery’s crude imports surged to a record 590 kbd—driven largely by US barrels overtaking Nigerian supply for the first time—amid ongoing domestic sourcing challenges, Kpler reports.
“While WTI has held a significant share in Dangote’s import slate since March, this is the first time US crude has overtaken Nigerian supply—a shift driven by several factors,” Kpler stated.
- Peter Obi’s Son, Oseloka, Speaks On Gay Allegations
- US Suspends Work Visas For Nigerian, Foreign Truck Drivers
- My Husband Fought, Abandoned Me Cos’ I’m Barren, Woman Tells Court
- FULL LIST: PenCom Bars Seven Mortgage Banks From Processing Housing Loans
- Our First Child Beat Me Blue And Black After My Wife Turned Them Against Me —Man
- My Wife Harasses, Slaps Me All The Time —Husband
- My Husband Travelled For 2 Yrs To Work, Returned With Only Plantain, Yam, Woman Tells Court
- US Desperate To Remove You, Cleric Warns Tinubu
- Stop My Father From Forcing Me To Marry Someone I Don’t Love, Woman Begs Court
- How Toke Makinwa’s Pregnancy Unveiling Sparked Social Media Frenzy
Trending
- News4 days ago
Edo Issues New Guideline On Education, Says Siblings’ Textbooks Transferable, Bans Graduation For KGs, Others, [A MUST READ]
- Metro4 days ago
Vigilantes Beat, Strip Female Corps Member In Anambra
- News5 days ago
Ex-US President Al Gore Loses Nigerian In-law
- News4 days ago
Circuits Launchpad Targets 1M Jobs for Youths in the Digital Creative Sector
- Headline3 days ago
UK Bans Sanex Advert For Calling Black Skin ‘Problematic’, White Skin ‘Superior’
- News4 days ago
Chieftaincy Title: Why Ooni Of Ife Won’t React To Alaafin’s 48-hour Threat — Palace Aide
- News5 days ago
Lagos Declares Holiday For Isese Festival
- News3 days ago
Yoruba Elders Wade In As Alaafin, Ooni Feud Escalates
- News3 days ago
Nigerians Call For Mandatory DNA Tests At Birth
- Sports4 days ago
Enabulele Congratulates Bendel Insurance For Pre-Season Tournament Performance