Dangote raises petrol to N1,200/l

The Dangote Petroleum Refinery has increased the price of Premium Motor Spirit (petrol) at its gantry from N1,185 to N1,200 per litre, effective August 26, 2026.

In a notice sent to customers on Tuesday, August 25, the refinery’s Group Commercial Operations announced revised prices for both gantry and coastal deliveries. The coastal price also increased from N1,562,265 to N1,582,380 per metric tonne.

Customers were instructed to return their existing Authorisation to Collect (ATC) documents for repricing before loading resumes. The refinery stated: “You are advised to return all ATCs for repricing, and a new volume contract will be issued for immediate loading resumption.”

The latest adjustment represents a N15 per litre increase and comes only days after Dangote raised the gantry price from N1,165 to N1,185 per litre on August 21. The increase could push petrol pump prices higher as marketers account for transportation and other downstream costs. The report says petrol could return to an average of around N1,250 per litre.

The hike comes despite recent declines in international crude oil prices. On Tuesday, West Texas Intermediate was reported at $82.13 per barrel, while Brent crude stood at $88.37 per barrel. The international oil market has also remained volatile amid the ongoing US-Iran conflict, with concerns over possible disruptions to crude supplies.

Reuters reported that oil prices had fallen after investors viewed new US sanctions against Iran as less threatening to global supplies than a potential military escalation. However, analysts warned that prices could rise sharply if Iran responds militarily.

Another concern is the Strait of Hormuz, a crucial oil-shipping route. Only two commodity vessels reportedly transited the waterway on Monday, the lowest daily figure since early May. The strait handled roughly one-fifth of global oil consumption before the conflict, making any prolonged disruption a major risk to international energy markets.