Dangote Refinery has reversed its earlier petrol price increase, bringing its ex-depot rate for Premium Motor Spirit back to N1,275 per litre, just hours after announcing a higher price to marketers.

The reversal comes after the refinery had earlier on Wednesday effected an upward adjustment to N1,350 per litre, triggering immediate reactions across the downstream market before the decision was rolled back.

A senior official of Dangote Refinery, who pleaded anonymity, confirmed the earlier price increase but said the refinery has now reversed it.

He explained that the decision was taken quickly in response to changing market conditions, especially the sharp drop 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.

Data showed that crude benchmarks dropped sharply on Wednesday morning, with Brent crude falling to $101.7 per barrel, while West Texas Intermediate traded at $94.11 per barrel, representing declines of 7.48 per cent and 7.98 per cent respectively.

However, despite the downward adjustment at the depot level, checks by our correspondent showed that several filling stations have already increased their pump prices to as high as N1,400 per litre in Lagos, reflecting the lag between depot pricing and retail adjustments.

—Source punch.