Dangote Petroleum Refinery has reversed its earlier upward review of petrol prices, rolling back the ex-depot price of Premium Motor Spirit (PMS) to ₦1,275 per litre just hours after announcing an increase to ₦1,350.
The refinery had on Wednesday briefly adjusted its gantry price upward, a move that immediately sent signals across the downstream petroleum market before it was later withdrawn.
A senior official of the company, who spoke on condition of anonymity, confirmed the reversal, saying the earlier adjustment had been cancelled in response to changing market conditions.
According to the source, the decision was influenced by shifts in global crude oil prices and broader market dynamics affecting the pricing structure.
International crude benchmarks reportedly weakened during the trading session, with Brent crude dropping to around $101.7 per barrel, while West Texas Intermediate (WTI) fell to about $94.11 per barrel, reflecting notable declines.
Despite the reversal at the depot level, fuel retailers in parts of Lagos were observed adjusting pump prices upward, with some stations selling as high as ₦1,400 per litre. Industry analysts attribute this to the delay between depot-level changes and retail price adjustments.
The latest reversal comes less than a week after the refinery increased its ex-depot price from ₦1,200 to ₦1,275 per litre, underscoring continued volatility in Nigeria’s downstream petroleum market.
Over the past month, Dangote Refinery has made several adjustments to its petrol pricing structure, driven by fluctuations in crude oil costs, foreign exchange movements, and evolving domestic supply conditions.