Dangote Reverses Petrol Price to N1,275 per Litre

Dangote Petroleum Refinery and Petrochemicals Limited reversed a brief increase in its ex-depot price for Premium Motor Spirit, known as petrol, returning it to N1,275 per litre on Wednesday after raising it to N1,350 per litre earlier in the day.

The adjustment followed reports of heightened tensions in the Middle East, including Iranian missile strikes on neighbors in the Gulf region after the United States seized two Iranian-linked vessels in the Strait of Hormuz. Global crude oil prices spiked above $115 per barrel on Monday before falling sharply to around $100 per barrel by Wednesday, with Brent crude settling at about $101 per barrel and West Texas Intermediate at $93 to $94 per barrel.

A refinery official, speaking on condition of anonymity, confirmed the reversal, attributing it to rapidly changing market conditions. "The earlier adjustment has been reversed. We have returned the gantry price to N1,275 per litre," the official said. Pricing data from platforms like Petroleumprice.ng showed the upward move was suspended shortly after implementation, restoring the prior structure at loading gantries.

In a statement, the refinery emphasized its commitment to price stability...