In a swift move that has brought relief to motorists and marketers, Dangote Petroleum Refinery & Petrochemicals has reversed its recent increase in the price of Premium Motor Spirit (PMS), cutting the ex-gantry price by N75 to N1,200 per litre. The refinery had only hours earlier adjusted the price upward to around N1,275 per litre, citing pressure from volatile global oil markets. However, fresh checks by ReportNaija confirm that the company has now directed customers to maintain the old price. A source close to the refinery told ReportNaija: “We are maintaining our existing price and have not implemented any new pricing for our customers.” The source added that the refinery remains committed to ensuring steady supply of refined petroleum products across Nigeria and the wider African market, stressing its role in stabilising the downstream sector. Industry watchers say the dramatic U-turn is directly tied to a sharp drop in international crude oil prices. Brent crude has crashed to $95.05 per barrel, recording a 13 percent decline, while West Texas Intermediate (WTI) closed at $97.18, down nearly 14 percent. Analysts point to United States President Donald Trump’s announcement of a conditional two-week ceasefire with Iran as the major trigger. The development has significantly eased fears of immediate supply disruptions in the global oil market, leading to the rapid fall in crude prices. The refinery’s quick response is being viewed as a responsible step to prevent unnecessary volatility and panic in Nigeria’s fuel market, especially as the country continues to adjust to full deregulation of the petroleum sector. ReportNaija will keep monitoring the situation and bring you updates as more details emerge.