ABUJA, Nigeria (VOICE OF NAIJA)-Dangote Refinery has reversed its earlier increase in petrol prices, returning its ex-depot rate for Premium Motor Spirit to N1,275 per litre, only hours after announcing a higher price for marketers.
The reversal followed an earlier upward adjustment on Wednesday that raised the ex-depot price to N1,350 per litre, a move that immediately triggered reactions across the downstream market before it was withdrawn.
A senior official of the refinery, who spoke on condition of anonymity, confirmed the initial increase but said the company had now reverted to the previous price.
He explained that the decision was swiftly reviewed due to changing market realities, particularly the sharp decline in global crude oil prices.
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“The earlier adjustment has been reversed. We have returned the gantry price to N1,275 per litre,” the official said.
Data indicated that crude oil benchmarks fell significantly on Wednesday morning, with Brent crude dropping to $101.7 per barrel and West Texas Intermediate trading at $94.11 per barrel, representing declines of 7.48 per cent and 7.98 per cent respectively.
However, despite the reduction at the depot level, checks by our correspondent showed that several filling stations had already raised pump prices to as high as N1,400 per litre in Lagos, reflecting the delay between depot pricing changes and retail price adjustments.
The latest adjustment comes barely a week after Dangote Refinery increased its ex-depot price from N1,200 to N1,275 per litre, underscoring the rapid pace of pricing changes in the downstream market and the refinery’s growing influence on domestic fuel pricing.
It also marks the second N75 increase within seven days.
Over the past month, the refinery has revised petrol prices several times, reflecting fluctuations in crude sourcing costs, foreign exchange pressures, and local distribution dynamics.
The increase highlights a broader pattern of continued price volatility linked to the refinery’s evolving pricing strategy since it emerged as a dominant supplier in the local market.
The refinery had earlier reduced prices slightly in response to competition and rising inventories, before reversing course as supply tightened and global oil prices strengthened.
The frequent adjustments point to a transition period in Nigeria’s deregulated fuel market, where domestic refining is gradually replacing imports but remains vulnerable to international pricing factors.
The increase is expected to translate into higher pump prices nationwide, as marketers pass the additional costs on to consumers already struggling with inflation and rising transportation costs.
For motorists, however, the immediate situation remains unchanged, with pump prices continuing to rise despite the temporary relief at the depot level.