Dangote Refinery has rolled back its recent petrol price hike, returning the ex-depot rate for Premium Motor Spirit to N1,275 per litre only hours after notifying marketers of a higher cost.
The reversal followed an earlier decision on Wednesday to raise the price to N1,350 per litre, a move that sparked immediate reactions throughout the downstream sector before being cancelled.
A senior official at the refinery, speaking on the condition of anonymity, confirmed that the initial increase occurred but was quickly rescinded.
He noted that the change was a swift response to shifting market trends, particularly the significant tumble 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 supported this, showing Brent crude dropping to $101.7 per barrel and West Texas Intermediate falling to $94.11 per barrel.
Despite the refinery returning to the lower depot price, findings showed that many filling stations in Lagos had already pushed pump prices up to N1,400 per litre. This reflects the typical delay between depot-level changes and retail adjustments.
This price volatility marks the second N75 fluctuation within just one week, coming shortly after the refinery moved its rate from N1,200 to N1,275.
Over the last month, the facility has frequently altered its pricing to account for crude costs, foreign exchange issues, and local distribution needs.
These rapid movements highlight a transition in Nigeria’s deregulated market where, although domestic refining is replacing imports, prices remain tied to international variables.
While the refinery has provided a temporary reprieve at the gantry, the increase is still expected to lead to higher costs for consumers already facing steep inflation and transport expenses.
For many motorists, the relief has yet to be felt as pump prices continue their upward trend.
