The Dangote Petroleum Refinery and Petrochemicals FZE has increased the gantry price of Premium Motor Spirit (PMS), commonly known as petrol, from N1,185 to N1,200 per litre, effective August 26, 2026.
The refinery announced the new price in a notice issued to customers on Tuesday by its Group Commercial Operations department, outlining revised prices for gantry and coastal deliveries.
Under the new pricing structure, the coastal price increased from N1,562,265 to N1,582,380 per metric tonne, while the gantry price rose by N15 per litre to N1,200.
Customers were also directed to return all Authorisation to Collect (ATC) documents for repricing. The refinery said new volume contracts would subsequently be issued to enable customers to resume loading.
The latest adjustment comes only days after Dangote Refinery increased its gantry price from N1,165 to N1,185 per litre, with the previous increase taking effect from midnight on August 21, 2026.
The latest hike has occurred despite a decline in international crude oil prices.
Data from Oilprice.com on Tuesday showed West Texas Intermediate (WTI) trading at $82.13 per barrel, down $2.88 or 3.39 per cent. Brent crude fell to $88.37 per barrel, a decline of $3.80 or 4.12 per cent, while Murban crude dropped to $92.71 per barrel, losing $8.73 or 8.61 per cent.
Industry sources indicated that some marketers and depot operators had begun returning existing ATCs for repricing following the refinery’s directive.
The N15 per litre increase could translate into higher pump prices as marketers account for transportation, landing and other downstream expenses. Petrol prices are consequently expected to rise to an average of about N1,250 per litre.
The Dangote Group had not responded to enquiries on the latest adjustment at the time of the report.
The price increase comes amid renewed volatility in the global 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 military escalation.
However, analysts cautioned that the decline could be temporary, warning that oil prices may rise sharply if Iran responds with military action.
Supply disruption concerns also remain, with Reuters reporting that only two commodity vessels passed through the Strait of Hormuz on Monday, the lowest daily figure since early May.
The strategic waterway handled about one-fifth of global oil consumption before the conflict, leaving international energy markets vulnerable to further disruptions.
