The Dangote Refinery has withdrawn its recent decision to raise the ex‑depot price of petrol by N75 per litre. Instead, the refinery will keep the price of Premium Motor Spirit (PMS) at N1,275 per litre, reversing the figure of N1,350 that was announced on Wednesday.
The adjustment follows a brief period of price volatility, during which the refinery had implemented its third increase in a single week. The earlier hike was reported by Media Talk Africa as part of a series of upward revisions to the PMS rate.
The latest price movement coincides with heightened geopolitical tensions in the Middle East, where confrontations involving the United States, Israel and Iran have contributed to global oil market uncertainty. Analysts note that disruptions in the region often affect crude oil supplies and, by extension, retail fuel prices in Nigeria.
Dangote Refinery, Africa’s largest integrated oil and gas operation, supplies a substantial share of the country’s domestically refined fuel. The decision to maintain the N1,275 price reflects the company’s effort to stabilise the market amid external pressures and domestic expectations.
Industry observers point out that the refinery’s pricing strategy plays a crucial role in Nigeria’s broader fuel subsidy and inflation landscape. A sudden price increase can exacerbate inflationary trends, while a stable price helps mitigate cost pressures on transport operators and consumers.
The reversal also underscores the refinery’s responsiveness to market feedback. Stakeholders, including transport unions and consumer advocacy groups, had expressed concerns over the rapid succession of price hikes. By holding the price steady, Dangote may be seeking to balance profitability with social considerations.
Looking ahead, the refinery’s pricing decisions will likely remain sensitive to fluctuations in global crude oil prices, exchange rates and regional security developments. Continuous monitoring of these factors will be essential for predicting future adjustments to the ex‑depot price of petrol.
The maintenance of the N1,275 per litre rate provides short‑term certainty for motorists and businesses, while signaling that the refinery remains vigilant to both domestic market conditions and international oil dynamics.
