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This happened to me before, too. I just told the other job I was staying because of a promotion I didn’t see coming. I made sure to apologize for any inconvenience and kept the door open for future opportunities. It’s uncomfortable, but people usually understand that things change.
Don’t make decisions based on your feeling bad. Look at both options objectively and pick which one is best for you. It sucks having to go back on something, but you really have to make the best choices for you at the time. Apologize, give your reasoning/excuse but be brief and punctual with that and then move on. Congrats on the promotion!
You have to make the right choice for you, just as a company will always make the right choice for themselves. There is no shame in that. However, you do have to acknowledge that you are putting them in a bad spot and you have probably just burned that bridge. Tell them honestly and quickly so they have time to hire someone else.