Dangote Refinery has stepped back from its earlier decision to raise the ex-depot price of Premium Motor Spirit (PMS), opting to retain the rate at N1,275 per litre.

The refinery had previously announced a N75 increase, which would have pushed the price to N1,350 per litre.

That adjustment, revealed on Wednesday, marked the third upward review within a week and had stirred fresh concerns across the downstream market.

However, in a swift turnaround, the company chose to suspend the hike and maintain the existing price.

The recent wave of petrol price adjustments has been linked to rising tensions in the Middle East, particularly the conflict involving the United States, Israel, and Iran, which has affected global crude oil dynamics and supply expectations.

Market watchers say the refinery’s decision to hold the price may offer temporary relief to fuel marketers and consumers already grappling with volatility in the petroleum sector.