Dangote Refinery Reverses Petrol Price Hike, Returns Ex-Depot Rate to N1,275 per Litre

The Dangote Petroleum Refinery has reversed its earlier decision to increase the ex-depot price of Premium Motor Spirit (PMS), bringing the rate back down to N1,275 per litre from N1,350. The adjustment, which had only just been announced, was rolled back within hours, effectively cancelling the price hike.

The development means the previous pricing structure at the refinery’s loading gantry remains unchanged. This move is expected to provide immediate relief to downstream marketers who were already adjusting their pricing strategies in anticipation of higher fuel costs.

Industry reports from petroleumprice.ng indicate that the reversal helped stabilize sentiments in the fuel market. Traders, who had begun repositioning their supply plans, are now seeing a temporary easing of pressure as the pricing uncertainty settles.

At the same time, global crude oil prices showed noticeable declines. Brent crude dropped to $99.86 per barrel, while West Texas Intermediate (WTI) fell to $91.35 per barrel, reflecting sharp losses of over 10 percent in both benchmarks during the trading session.

The quick reversal by Dangote Refinery highlights how sensitive Nigeria’s fuel market remains to pricing decisions at major supply sources. For marketers and consumers alike, the move offers short-term stability in an otherwise volatile energy environment.

source: business day