Dangote Refinery has reversed its earlier hike in petrol prices, reducing its ex-depot rate for Premium Motor Spirit (PMS) to ₦1,275 per litre, just hours after raising it to ₦1,350.
The initial increase, announced on Wednesday, sparked swift reactions across the downstream sector before the refinery rolled it back later the same day.
A senior official at the facility, who requested anonymity, confirmed the development, attributing the quick reversal to shifting market dynamics—particularly a sharp decline in global crude oil prices.
“The earlier adjustment has been reversed. The gantry price is now ₦1,275 per litre,” the official stated.
Market data indicated a significant drop in crude oil benchmarks earlier on Wednesday, with Brent crude falling to $101.7 per barrel and West Texas Intermediate declining to $94.11, representing decreases of 7.48 per cent and 7.98 per cent respectively.
Despite the downward revision at the depot level, fuel prices at retail outlets have yet to reflect the change. Checks showed that several filling stations in Lagos had already adjusted pump prices upward to around ₦1,400 per litre, highlighting the delay between depot pricing and retail implementation.
The development comes barely a week after the refinery increased its ex-depot price from ₦1,200 to ₦1,275 per litre—marking the second ₦75 adjustment within seven days.
In recent weeks, Dangote Refinery has made multiple pricing changes, reflecting fluctuations in crude oil costs, foreign exchange pressures, and domestic supply conditions. The frequent adjustments underscore the refinery’s growing influence on Nigeria’s fuel market, as well as the volatility associated with the country’s deregulated pricing regime.
Industry analysts say the trend signals a transitional phase, as local refining gradually replaces fuel imports but remains sensitive to global market forces.
While the latest reversal offers temporary relief at the depot level, motorists are unlikely to see immediate benefits, as pump prices continue to rise amid broader inflationary pressures and high transportation costs.
