Dangote Refinery has reversed its N75 hike in the ex-depot price for Premium Motor Spirit (PMS) announced earlier today, retaining prices at N1,275 per litre, down from N1,350.

The reversal effectively cancels the earlier adjustment, restoring the previous pricing structure at the loading gantry and easing immediate concerns among downstream marketers.

Read also: Dangote refinery raises petrol price again to N1,350/litre

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According to petroleumprice.ng, 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 of 11:55 a.m., Brent crude was trading at $99.86 per barrel, while West Texas Intermediate (WTI) stood at $91.35 per barrel, with both benchmarks recording sharp declines of 10.01 percent and 10.92 percent respectively.

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Feyishola Jaiyesimi is a journalist at BusinessDay Media with over two years reporting experience. She began her journalism career as an agricultural reporter and now covers the energy sector, including oil, gas, electricity, environment, and renewables. She has been selected for professional training by the US Consulate, Lagos. She is a 2025 Dataphyte Biodiversity Reporting Fellow. Feyishola holds a bachelor’s degree in Zoology and Environmental Biology from Ekiti State University.

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