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Postive indications have been predicted that the price of petrol, may crash to as low as N500 per litre in 2025
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Industry experts attribute the potential price reduction to the reopening of the Warri and Port Harcourt refineries
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PETROAN said the NNPC has reduced its ex-depot price from N1,045 to N899 per litre
There are strong indications that the price of Premium Motor Spirit (PMS), popularly known as petrol, may crash to as low as N500 per litre in 2025.
This projection is anchored on key developments within Nigeria’s downstream petroleum sector, including the Federal Government’s deregulation policy.
Industry experts attribute the potential price reduction to the reopening of the Warri and Port Harcourt refineries.
According to the Publicity Secretary of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Mr. Ukadike Chinedu, “With the new refineries coming on stream, the days of monopoly are over. By 2025, we are confident that petrol prices will drop below N500 per litre.”
The President of the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), Mr. Billy Harry, echoed similar sentiments, reaffirming that consistent supply from the newly rehabilitated Port Harcourt and Warri refineries would drive prices down significantly.
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“NNPC has reduced its ex-depot price from N1,045 to N899 per litre, and Dangote Refinery has followed suit. These reductions are paving the way for more affordable fuel in the coming year,” he explained.
NLC Hails Dangote Refinery For Fuel Price Cut
Meanwhile, the Nigeria Labour Congress has commended Dangote Refinery for its recent reduction in fuel prices, describing it as a timely economic relief for Nigerians.
Funmi Sessi, the NLC Chairman for Lagos Council, noted that the refinery’s operation has come at the right time, expressing optimism that the price cut would ease transportation costs, lower the prices of goods and services, and provide financial relief to citizens struggling with the high cost of living.
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