Dangote refinery raises petrol price to N1,200 per liter amid falling crude oil costs

Dangote Petroleum Refinery and Petrochemicals FZE has raised the gantry price of Premium Motor Spirit (PMS), commonly known as petrol, from N1,185 to N1,200 per liter. This new price is effective August 26, 2026, according to an official communication to customers issued on Tuesday.

The refinery's Group Commercial Operations announced the revised depot prices for both gantry and coastal deliveries. The communication, titled 'PMS Price Change Communication (N1,185 per Litre To N1,200 Per Litre),' detailed the increase in the coastal price from N1,562,265 per metric tonne to N1,582,380, alongside the per-liter gantry price hike. Customers were instructed to return all Authorisation to Collect (ATC) documents for repricing and were informed that a new volume contract would be issued to facilitate immediate loading resumption.

This latest adjustment represents a N15 per liter increase in the gantry price. It follows a previous price hike that took effect from midnight on August 21, 2026, when the price was raised from N1,165 to N1,185 per liter. Industry trackers noted this rapid succession of price increases.

Notably, this price hike comes at a time when international crude oil prices have been declining. Data from oilprice.com on Tuesday showed West Texas Intermediate crude trading at $82.13 per barrel, down 3.39%, while Brent crude fell to $88.37 per barrel, a 4.12% decrease. Murban crude also saw a significant drop, trading at $92.71 per barrel, down 8.61%.

Marketers and depot operators who received the circular are reportedly beginning to return existing ATCs for repricing as directed. The N15 increase is expected to translate into higher pump prices for consumers, as oil marketers factor in transportation, landing, and other downstream costs. Petrol prices are anticipated to reach an average of N1,250 per liter at the pump. The Dangote Group has not yet issued a public statement in response to inquiries regarding the price increase. The timing of the hike coincides with renewed volatility in the international oil market, influenced by factors such as the ongoing US-Iran conflict, although recent US sanctions against Iran were viewed as less threatening to global oil supplies.