Fuel market watchers were thrown into fresh uncertainty after Dangote Refinery reversed its recent petrol pricing decision within a short period.
Dangote Refinery has now rolled back the earlier announced ₦75 increase in the depot price of Premium Motor Spirit (PMS). As a result, the price has been restored to ₦1,275 per litre instead of ₦1,350.
However, the reversal came shortly after marketers had already begun adjusting their pricing systems to reflect the new increase, creating confusion across the supply chain.
Earlier on Wednesday, May 6, the refinery had raised the price of PMS for the third time within a week.
In a statement tied to market movements, it was gathered that “the refinery decided to bring the price back to ₦1,275 per litre instead of N1,350 as earlier announced.”
Moreover, the earlier increase had already been communicated to fuel marketers, who immediately updated their pricing templates in response to the change.
The recent hike trend has been associated with ongoing geopolitical conflict in the Middle East involving the United States, Israel, and Iran.
Although the refinery has not released a detailed explanation for the reversal.
Furthermore, marketers are expected to continue monitoring developments closely as they adjust distribution plans to match refinery updates.
