Dangote petroleum refinery has reversed its earlier petrol price hike, reducing its ex-depot rate for Premium Motor Spirit to N1,275 per litre, just hours after increasing it to N1,350.
A senior official of the refinery confirmed the development on Wednesday, attributing the swift reversal to changing market conditions, particularly a sharp drop in global crude oil prices.
“The earlier adjustment has been reversed. We have returned the gantry price to N1,275 per litre,” the official said.
The refinery had earlier raised the price to N1,350 per litre, triggering immediate reactions across the downstream market before rolling back the decision.
Market data showed crude oil benchmarks declined significantly, with Brent crude falling to $101.7 per barrel and West Texas Intermediate dropping to $94.11, reflecting notable losses.
Despite the reduction at the depot level, several filling stations, especially in Lagos, have already adjusted pump prices upward to around N1,400 per litre, highlighting the lag between wholesale and retail pricing.
Industry watchers say the frequent adjustments reflect ongoing volatility in Nigeria’s deregulated fuel market, driven by fluctuations in global oil prices, foreign exchange pressures, and supply dynamics.
The development underscores the refinery’s growing role in shaping domestic fuel pricing as the country gradually shifts from import dependence to local refining.
