Dangote Refinery Raises Petrol Price Again, Adds N35/L in Five Days Despite Crude Price Drop

The Dangote Petroleum Refinery has increased the price of Premium Motor Spirit (PMS) by another N15 per litre, raising its gantry price from N1,185 to N1,200 per litre.

The latest adjustment takes effect from Wednesday, August 26, 2026, and comes barely five days after the refinery increased its price by N20, from N1,165 to N1,185 per litre.

The two adjustments have pushed the refinery’s gantry price up by N35 per litre within five days.

The latest increase has also drawn attention because it comes amid a decline in international crude oil prices.

Brent crude, which traded at $93.48 per barrel when the previous N20 increase was announced on August 20, had fallen to about $88.48 per barrel by Tuesday, according to market data cited in the report.

Reuters also reported that Brent fell by $3.74 to $88.43 per barrel on Tuesday amid market reactions to new United States sanctions on Iran.

The latest development means Dangote Refinery has raised its PMS price even as the international crude benchmark has declined by about $5 per barrel since the previous adjustment.

The new petrol price was contained in a commercial communication from Dangote Petroleum Refinery and Petrochemicals FZE made available to Petroleumprice.ng.

The refinery also increased its coastal PMS price from N1,562,265 to N1,582,380 per metric tonne, representing an increase of N20,115 per metric tonne.

The new pricing is expected to put further pressure on the downstream market, particularly the depot segment, where marketers typically adjust their prices in response to changes in refinery supply terms and replacement costs.

As of Monday, PMS was reportedly trading at N1,197 per litre at A.A. Rano depot in Lagos, while African Terminal and Integrated depots were quoting N1,195 per litre.

The latest adjustment follows significant fluctuations in the international crude market in recent days.

Brent had risen to $91.62 per barrel on August 19 before climbing above $93 per barrel the following day amid concerns over possible supply disruptions and tensions around the Strait of Hormuz.

The benchmark subsequently retreated, settling at $92.17 on Monday before recording a sharper decline on Tuesday.

Following the new adjustment, Dangote Refinery reportedly directed customers to return existing Automated Truck Loading (ATC) tickets for repricing.

The refinery said new volume contracts would be issued to customers to allow loading to resume under the revised commercial terms.

The coastal price adjustment will similarly affect bulk buyers purchasing PMS through coastal supply arrangements, with the new price taking effect on August 26.

The latest increase is likely to intensify concerns among motorists, transport operators and other consumers over the impact of petrol prices on transportation and the broader cost of living.