Dangote Refinery has reversed its earlier planned increase in Premium Motor Spirit (petrol) gantry price, reverting the ex-depot rate back to ₦1,275 per litre. Market sources told Petroleumprice.ng that the adjustment was suspended shortly after confirmation, restoring the previous pricing structure.
The reversal effectively cancels the earlier adjustment, restoring the previous pricing structure at the loading gantry and easing immediate concerns among downstream marketers. Industry operators say the move has helped calm nerves across the market, where traders had already begun repositioning on expectations of a higher pricing cycle.
As at the time of writing, 10:47 am (WAT), Brent crude was trading at $101.7 per barrel, while West Texas Intermediate (WTI) stood at $94.11 per barrel, with both benchmarks recording sharp declines of 7.48 per cent and 7.98 per cent respectively.
Industry operators say the drop in global crude prices has influenced sentiment across the downstream sector, and the decision is expected to stabilise short-term market outlook as traders adjust positions following the brief uncertainty over pricing direction.
More details to follow as the situation develops.