Dangote Petroleum Refinery has increased the price of Premium Motor Spirit, commonly known as petrol, from N1,185 to N1,200 per litre.
The Punch reported that the latest adjustment, which took effect on Wednesday, August 26, 2026, was communicated to customers by the refinery’s Group Commercial Operations in a notice detailing revised prices for gantry and coastal deliveries.
According to the notice, the coastal price of petrol also increased from N1,562,265 per metric tonne to N1,582,380 per metric tonne.
The communication, titled ‘PMS Price Change Communication (N1,185 per Litre To N1,200 Per Litre)’, directed customers to return their existing Authorisation to Collect documents for repricing.
“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 increase means the refinery has raised its gantry price by N35 per litre within five days.
The previous adjustment, which moved the price from N1,165 to N1,185 per litre, took effect on August 21.
The new price could translate into higher pump prices nationwide as marketers factor in transportation, depot handling and other downstream costs.
Industry expectations are that petrol could sell at an average of about N1,250 per litre.
The latest development is coming despite a decline in international crude oil prices.
Data from Oilprice.com on Tuesday showed West Texas Intermediate trading at $82.13 per barrel, representing a decline of $2.88, or 3.39 per cent. Brent crude also fell to $88.37 per barrel, down $3.80, or 4.12 per cent, while Murban crude dropped by $8.73, or 8.61 per cent, to $92.71 per barrel.
Marketers and depot operators who received the refinery’s latest circular are expected to return their existing ATCs for repricing in line with the directive.
The price increase also comes amid renewed volatility in the global oil market linked to the ongoing US-Iran conflict.
Reuters reported that oil prices had declined after investors judged the latest US sanctions against Iran to be less threatening to global oil supplies than a possible military escalation.
Analysts, however, cautioned that the decline could be temporary, with prices potentially rising sharply if Iran responds militarily.
The news agency further reported that concerns over supply disruptions remained, noting that only two commodity vessels passed through the Strait of Hormuz on Monday, the lowest daily figure since early May.
The waterway previously accounted for about one-fifth of global oil consumption, leaving international energy markets exposed to further disruptions if tensions in the region worsen.
Dangote Group had yet to respond to inquiries regarding the latest price adjustment as of the time of filing this report.
