Dangote Refinery Raises Petrol Price to N1,200 Per Litre Amid Crude Oil Decline

The Dangote Petroleum Refinery has increased the price of Premium Motor Spirit, popularly known as petrol, by N15 per litre, pushing its gantry price from N1,185 to N1,200.

The new price took effect on Wednesday, August 26, 2026, according to a price notification circulated by the refinery to its customers.

In the communication issued by the Group Commercial Operations, the refinery announced revised prices for both gantry and coastal deliveries.

The notice, titled ‘PMS Price Change Communication (N1,185 per Litre To N1,200 Per Litre)’, directed customers to take note of the new prices, effective from August 26.

Under the revised pricing structure, the coastal price increased from N1,562,265 per metric tonne to N1,582,380, while the gantry price moved from N1,185 to N1,200 per litre.

The refinery also instructed customers holding existing Authorisation to Collect documents to return them for repricing before loading could resume.

“You are advised to return all ATCs for repricing, and a new volume contract will be issued for immediate loading resumption. Should you require any further clarification, please do not hesitate to contact us,” the notice said.

The latest adjustment represents the second petrol price increase announced by the refinery within a short period.

The refinery had previously raised its gantry price from N1,165 to N1,185 per litre, with the earlier adjustment taking effect from midnight on August 21, 2026.

The latest N15 increase could put additional pressure on retail petrol prices as marketers factor in transportation, depot handling and other downstream distribution costs.

Industry expectations are that pump prices could return to an average of about N1,250 per litre.

Marketers and depot operators who received the latest circular were reportedly beginning to return existing ATCs for repricing in compliance with the refinery’s directive.

The Dangote Group had not responded to enquiries from the correspondent at the time of filing the report.

The latest petrol price adjustment comes despite a decline in international crude oil prices.

Data from Oilprice.com on Tuesday showed West Texas Intermediate crude trading at $82.13 per barrel, representing a decline of $2.88, or 3.39 per cent.

Brent crude was quoted at $88.37 per barrel, down $3.80, or 4.12 per cent, while Murban crude fell to $92.71 per barrel after losing $8.73, equivalent to 8.61 per cent.

The development therefore presents a contrasting picture for consumers, with the domestic petrol price rising even as benchmark international crude prices recorded declines.

The adjustment also comes amid renewed volatility in the international oil market linked to the ongoing US-Iran conflict.

Reuters reported that crude prices declined after investors assessed the latest US sanctions against Iran as posing less immediate risk to global oil supplies than a direct military escalation.

However, analysts cautioned that the decline could prove temporary if tensions worsen or Iran responds militarily.

Concerns over possible disruptions to global crude supplies remain particularly significant because of developments around the Strait of Hormuz.

Reuters reported that only two commodity vessels passed through the strategic waterway on Monday, the lowest daily figure since early May.

The Strait of Hormuz previously accounted for about one-fifth of global oil consumption, making any prolonged disruption along the route a potential trigger for another sharp movement in international crude prices.