Nigeria’s Dangote Petroleum Refinery and Petrochemicals has walked back a fuel price increase announced earlier on Wednesday, May 6, 2026, as the ex-depot price of Premium Motor Spirit (PMS) returned to N1,275 per litre after a brief move to N1,350.
The N1,350 price, representing a N75 increase from the previous N1,275, was confirmed on Wednesday by a senior official of the refinery and pricing platform Petroleumprice.ng, with marketers immediately revising their pricing templates in response.
Hours later, a senior refinery official confirmed the reversal, citing a sharp drop in global crude oil prices as the reason. “The earlier adjustment has been reversed. We have returned the gantry price to N1,275 per litre,” the official said.
In a separate official statement, the refinery also denied that any price adjustment had taken place, saying its ex-depot price remained unchanged and urging the public to rely only on its official communication channels for accurate pricing information.
Global crude benchmarks fell sharply on Wednesday, with Brent crude recording a decline of more than 10 percent and West Texas Intermediate (WTI) dropping similarly, easing cost pressures that had driven the earlier upward move.
The Wednesday increase was the first for May and came seven days after the refinery had raised its ex-depot price from N1,200 to N1,275 per litre on April 29, marking two N75 increases within a single week.
The sustained volatility in global crude oil markets, driven largely by the prolonged United States and Iran conflict, has disrupted supply flows and continued to exert pressure on refined product pricing.
