Dangote Refinery has reversed its earlier increase in petrol price, returning the ex-depot cost of Premium Motor Spirit to N1,275 per litre after briefly raising it to N1,350 per litre.
The decision came just hours after the refinery announced the higher price to marketers earlier on Wednesday, which sparked reactions across the downstream sector before being withdrawn.
A senior official of the refinery, who requested anonymity, confirmed that the initial adjustment had been made but was later reversed, stating that the change was driven by shifting market conditions, particularly the sharp decline 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.
Market data showed a significant drop in crude oil benchmarks, with Brent crude and West Texas Intermediate both falling sharply during the day.
Despite the reduction at the depot level, some filling stations were still selling petrol at higher pump prices, with rates reaching up to N1,400 per litre in Lagos due to delays in retail price adjustments.
The latest adjustment marks another change in pricing within a short period, as Dangote Refinery continues to respond to fluctuations in crude costs, exchange rate pressures, and domestic supply conditions.
Industry observers note that the frequent price changes reflect ongoing volatility in Nigeria’s deregulated fuel market, where local refining is increasingly influencing pricing but remains tied to global oil trends.
The revision is expected to eventually affect pump prices nationwide, although consumers are still experiencing high fuel costs amid inflation and rising transport expenses.