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Dangote Refinery has rolled back its recent increase in petrol prices, returning its ex-depot rate for Premium Motor Spirit to N1,275 per litre shortly after raising it to N1,350.
The upward adjustment, announced earlier on Wednesday, had caused swift reactions across the downstream market before being reversed within hours.
A senior refinery official, who spoke anonymously to Punch News, confirmed that the initial hike had been withdrawn, noting that the decision was driven by changing market conditions, particularly a sharp decline in global crude oil prices. He said the gantry price had now been restored to its previous level.
“The earlier adjustment has been reversed. We have returned the gantry price to N1,275 per litre,” the official said.
Figures from the international oil market showed that Brent crude dropped to $101.7 per barrel, while West Texas Intermediate fell to $94.11, representing declines of 7.48 per cent and 7.98 per cent respectively.
The latest price increase comes just a week after the refinery raised its ex-depot rate from N1,200 to N1,275 per litre, marking the second N75 increase within a short period.
In recent weeks, Dangote refinery has made several price adjustments, reflecting fluctuations in crude oil costs, foreign exchange pressures, and domestic supply dynamics.
Analysts say the frequent changes show ongoing volatility in Nigeria’s deregulated fuel market, where local refining is gradually replacing imports but remains closely tied to global pricing trends.
For consumers, however, the immediate effect remains limited, as retail prices continue to rise despite the temporary easing at the depot level.
