Dangote Petroleum Refinery has reversed its recent petrol price cut, returning ex-depot price to ₦1,175 per litre, forcing depot operators nationwide to immediately suspend all sales transactions.
Price Rollercoaster Timeline
March 10: Dangote cuts PMS price by ₦100 to ₦1,075/litre
Depots: Begin selling at ₦1,100/litre average
Today: Refinery hikes back to ₦1,175/litre
Result: All loading operations halted for stock reconciliation
The U-turn follows Brent crude jumping from $91 to $100 per barrel, directly spiking refinery production costs and erasing the brief consumer relief.
Depot owners paused sales after loading petrol at the lower ₦1,075 rate, now facing the higher ex-depot price. Nationwide fuel scarcity fears mount as distribution stalls.