Dangote Refinery has rolled back its earlier petrol price adjustment, restoring the ex-depot rate to ₦1,275 per litre after briefly announcing an increase to ₦1,350.
The company clarified that the revised figure cancels the previously communicated ₦75 hike, effectively returning prices at the loading gantry to their former level.
The move comes amid heightened sensitivity in the downstream market, where marketers had already begun adjusting their strategies in response to the anticipated increase.
Industry players say the reversal has brought a measure of stability, easing fears of an immediate price surge across the supply chain.
The earlier adjustment was reportedly tied to ongoing volatility in global crude oil prices, as well as persistent foreign exchange pressures and supply constraints—factors that continue to shape fuel pricing in Nigeria’s deregulated petroleum sector.
A source familiar with the development confirmed that the refinery is holding firm at ₦1,275 per litre, despite earlier reports suggesting the higher price had taken effect.
In a related development, the Emir of Kano, Muhammadu Sanusi II, has raised concerns about Nigeria’s fiscal direction.
Speaking in an interview, he questioned why the Federal Government continues to rely heavily on borrowing, even after scrapping fuel subsidies.
Sanusi acknowledged that subsidy removal and exchange rate liberalisation were necessary reforms.
However, he warned that poor timing and weak fiscal discipline could undermine their intended benefits.
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He also criticised Nigeria’s longstanding dependence on foreign refining, describing it as a structural flaw that persists despite the country’s untapped domestic refining capacity.