Dangote Refinery has reversed the earlier announced ₦75 increase in the depot price of Premium Motor Spirit.
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The refinery decided to bring the price back to ₦1,275 per litre instead of N1,350 as earlier announced.
Earlier on Wednesday, May 6, the refinery increased the price of its Premium Motor Spirit – the third upward adjustment within a week.
The development forced marketers to immediately adjust their pricing templates before the refinery reversed the price hike.
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Recent hike in the price of petrol has been linked to the ongoing conflict in the Middle East, between the United States-Israel and Iran.
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