The Dangote Refinery has walked back an earlier move to raise the ex-depot price of petrol, opting to keep the cost unchanged rather than implementing the higher rate it had signaled earlier this week.
Key takeaways
- The refinery has decided to hold the ex-depot petrol price at N1,275 per litre.
- This means it will not apply the previously announced increase to N1,350 per litre.
- The latest change follows an earlier upward adjustment to its Premium Motor Spirit pricing on Wednesday.
- The company’s recent pricing moves represent the third increase within the span of a week.
- Recent petrol price pressures have been tied to the continuing Middle East conflict involving the United States, Israel, and Iran.
Dangote keeps petrol pricing steady after earlier revision
After announcing an ex-depot petrol price rise, the Dangote Refinery has reversed that decision. Instead of moving forward with the higher figure of N1,350 per litre, it has maintained the price at N1,275 per litre.
The refinery’s earlier Wednesday announcement would have marked another step higher for consumers and distributors who rely on its pricing. However, the latest update keeps the ex-depot rate at the lower level, effectively undoing the planned increase.
Third weekly increase comes amid regional risk premium
DAILY POST reports that the refinery had already increased the price of Premium Motor Spirit earlier on Wednesday. That adjustment was described as the third upward revision within the week, underscoring how quickly pricing has been shifting in the domestic fuel supply chain.
Fuel price escalation in recent weeks has been linked to heightened uncertainty in global oil markets, driven by the ongoing conflict in the Middle East. The situation is framed around tensions involving the United States and Israel, alongside Iran, which has contributed to volatility and upward pressure in costs for refined products.
