By Ado Oyeyemi
The Dangote Petroleum Refinery and Petrochemicals FZE has increased the gantry price of Premium Motor Spirit, popularly known as petrol, from N1,185 to N1,200 per litre.
The latest adjustment, which took effect on Wednesday, August 26, 2026, was contained in a price revision notice issued to customers by the refinery’s Group Commercial Operations on Tuesday.
The notice, titled “PMS Price Change Communication (N1,185 Per Litre To N1,200 Per Litre),” also announced an increase in the coastal price of the commodity from N1,562,265 to N1,582,380 per metric tonne.
The refinery directed customers to return all existing Authorisation to Collect documents for repricing, adding that fresh volume contracts would be issued to enable immediate resumption of loading.
The latest increase represents a N15 per litre rise in the refinery’s gantry price, coming just days after the company raised the price from N1,165 to N1,185 per litre.
The previous adjustment took effect on August 21, according to industry trackers.
The latest price hike comes despite a decline in international crude oil prices.
Data monitored from oilprice.com on Tuesday showed that West Texas Intermediate crude fell by 3.39 per cent to $82.13 per barrel, while Brent crude declined by 4.12 per cent to $88.37 per barrel.
Murban crude also dropped by 8.61 per cent to $92.71 per barrel.
The development is expected to put further pressure on petrol pump prices as marketers factor in transportation, depot and other downstream operating costs.
Industry expectations are that petrol prices could rise to an average of about N1,250 per litre.
Marketers and depot operators who received the refinery’s latest circular were said to have commenced the process of returning existing collection authorisations for repricing.
The price adjustment also comes amid renewed volatility in the global oil market linked to the ongoing US-Iran conflict.
Reuters reported that crude prices declined as investors considered the latest United States sanctions on Iran less threatening to global oil supplies than a direct military escalation.
Analysts, however, warned that the decline could be temporary, noting that a military retaliation by Iran could trigger a sharp increase in crude prices.
Concerns over supply disruptions have also persisted, particularly around the Strait of Hormuz, a major global oil shipping route.
According to Reuters, only two commodity vessels transited the waterway on Monday, the lowest daily figure since early May.
The strait reportedly handled about one-fifth of global oil consumption before the conflict, making the market particularly vulnerable to any prolonged disruption.
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The Dangote Group had yet to respond to enquiries on the latest price increase as of the time of filing this report.
