By Desire Emmanuel
Dangote Refinery on Wednesday, May 6, returned its ex-depot petrol price to N1,275 a few hours after announcing N1,350 as the new price.
Dangote Refinery had on Wednesday morning increased the ex-depot price of petrol by ₦75, bringing it up to ₦1,350 per litre from the previous price of ₦1,275.
However, the refinery announced on Wednesday afternoon that it has reversed its earlier adjustment of a N75 increase, deciding to maintain the price at N1,275 per litre.
Industry watchers said the reversal may alleviate immediate concerns among downstream marketers.
They added that this action has helped soothe worries across the market, where traders had already started repositioning in anticipation of a higher pricing cycle.
