Dangote Refinery has reversed its earlier announced increase in the depot price of Premium Motor Spirit (PMS). The company decided to bring the price back to ₦1,275 per litre, canceling the ₦75 hike that had raised it to ₦1,350.
Price Reversal Details
Earlier on Wednesday, May 6, the refinery had increased the price of PMS for the third time within a week. This upward adjustment prompted marketers to quickly update their pricing templates. However, the refinery later reversed the hike, restoring the previous price.
Context of the Price Hike
The recent increase in petrol prices had been linked to the ongoing conflict in the Middle East, particularly tensions between the United States, Israel, and Iran. The reversal brings some relief to marketers and consumers who had anticipated higher costs.
This move by Dangote Refinery is expected to stabilize fuel prices in the short term, though market watchers remain cautious about future adjustments.
