Dangote Refinery has reversed its earlier price increase, reducing the depot price of Premium Motor Spirit to ₦1,275 per litre. A check by TVC News Online on Wednesday on the pricing platform, Petroleumprice.ng, revealed that the company has removed the earlier announced ₦75 increase, bringing the price back to ₦1,275……
Dangote Refinery has reversed its earlier price increase, reducing the depot price of Premium Motor Spirit to ₦1,275 per litre.
A check by TVC News Online on Wednesday on the pricing platform, Petroleumprice.ng, revealed that the company has removed the earlier announced ₦75 increase, bringing the price back to ₦1,275 per litre.
TVC News online previously reported that the company has increased the price by N75 from the previous N1,275 per litre.
The development was also confirmed by a senior official of Dangote Refinery, who said the earlier increase in gantry price was implemented across all loading channels.
The development has forced marketers to immediately adjust their pricing templates amid tight supply conditions and shifting cost realities.
A senior official familiar with the development said, “The new pricing template has been activated across the board. All loading points have been updated, and marketers are already responding by adjusting their depot prices. This is not an isolated change; it reflects prevailing supply and cost pressures in the system.”
A senior management official of the Dangote Group recently revealed that the Dangote Petroleum Refinery has been subsidising the petrol and diesel it sells to the Nigerian market.
The fresh increase also comes against the backdrop of the suspension of the issuance of pro forma invoices, which affected normal supply scheduling across its loading system.
Market players argued that the development affected product availability and intensified upward price movements across the downstream value chain.
“The suspension of PFI created a short-term supply squeeze,” the official added. “When you combine that with international crude price movements and logistics costs, it becomes inevitable that depot prices will adjust upward. What we are seeing is a direct market response to those realities.”
