Dangote Refinery has reversed its recent petrol price hike, slashing the ex-gantry price of Premium Motor Spirit by N75 to N1,200/litre, only few hours after a slight increase was announced.
The refinery had earlier raised the price to around N1,275 per litre, citing pressure from volatile global oil markets, according to sources familiar with the matter.
However, new sources confirm that Dangote Petroleum Refinery & Petrochemicals has stated that the price of PMS remains unchanged, amid concerns over potential volatility in the downstream market.
“We are maintaining our existing price and have not implemented any new pricing for our customers,” the source said.
Read also: Dangote Refinery lifts petrol price to N1,275, diesel to N1,950
The source added that the refinery remains focused on ensuring the steady availability of refined petroleum products across Nigeria and the wider African market, reinforcing its role in supporting supply stability.
This swift downward review is directly linked to a sharp drop in international crude prices. Brent crude has plunged to $95.05 per barrel, a 13 percent decline, while West Texas Intermediate (WTI) crude closed at $97.18, a nearly 14 percent drop.
Industry analysts point to Donald Trump, United States President, announcement of a conditional two-week ceasefire with Iran as the key trigger, which has eased fears of immediate supply disruptions in the global oil market.
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