U-Turn At The Pumps: Dangote Crashes Petrol Price In Sudden Reversal

The company said the revised price cancels the previous ₦75 hike and restores the earlier pricing structure at its loading point, easing concerns among fuel marketers.

Industry players noted that the decision has calmed tensions in the downstream market, where traders had already begun adjusting to a potential price surge.

The reversal comes just hours after reports indicated that the refinery had raised petrol prices due to fluctuations in global crude oil markets.

Fuel pricing in Nigeria’s deregulated sector continues to be influenced by factors such as international crude oil prices, exchange rate pressures and supply constraints.

Despite the recent volatility, a source confirmed that the refinery will maintain the ₦1,275 per litre rate for now.

Meanwhile, the Emir of Kano, Muhammadu Sanusi II, has criticised the Federal Government’s continued borrowing despite removing fuel subsidies.

He argued that although subsidy removal and exchange rate liberalisation were necessary reforms, poor timing and weak fiscal discipline could undermine their intended benefits.

Sanusi also faulted Nigeria’s dependence on foreign refineries while local refining capacity remains underutilised, describing it as a major structural weakness.