Dangote Refinery has reversed the earlier announced ₦75 increase in the depot price of Premium Motor Spirit.
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.
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.