Dangote Refinery has reversed its earlier increase in the depot price of Premium Motor Spirit (PMS), bringing the price back to ₦1,275 per litre after initially announcing an increase to ₦1,350 per litre.
The refinery had earlier on Wednesday, May 6, announced the price hike, marking the third upward adjustment within a week. The move reportedly led petroleum marketers to quickly adjust their pricing structures before the decision was reversed.
Recent increases in petrol prices have been linked to tensions in the Middle East, particularly the ongoing conflict involving the United States, Israel, and Iran, which has continued to affect global crude oil supply and energy markets.
The latest development has sparked reactions among Nigerians, many of whom remain concerned about the impact of fuel price fluctuations on transportation costs and the broader economy.