Dangote Refinery Raises Petrol Price to N1,200/Litre Despite Crude Oil Price Drop
The Dangote Petroleum Refinery and Petrochemicals FZE has increased the price of Premium Motor Spirit, popularly known as petrol, from N1,185 to N1,200 per litre, effective Wednesday, August 26, 2026.
The latest adjustment was contained in an official communication issued to customers by the refinery’s Group Commercial Operations on Tuesday, announcing revised depot prices for gantry and coastal deliveries.
In the notice titled, “PMS Price Change Communication (N1,185 per Litre to N1,200 per Litre),” customers were directed to take note of the new prices, which took effect on August 26.
According to the price table contained in the notice, the coastal price increased from N1,562,265 per metric tonne to N1,582,380, while the gantry price rose from N1,185 to N1,200 per litre.
The refinery also directed customers to return all existing Authorisation to Collect documents for repricing, after which new volume contracts would be issued to enable immediate resumption of loading.
The latest increase represents a N15 per litre rise and comes barely five days after the refinery raised its gantry price from N1,165 to N1,185 per litre.
However, the latest adjustment occurred amid a decline in international crude oil prices.
Data cited by the report showed that West Texas Intermediate crude was trading at $82.13 per barrel on Tuesday, down by $2.88, or 3.39 per cent. Brent crude stood at $88.37 per barrel, representing a decline of $3.80, or 4.12 per cent, while Murban crude fell to $92.71 per barrel, shedding $8.73, or 8.61 per cent.
The latest N15 per litre increase at the refinery could further push up pump prices as oil marketers factor in transportation, depot and other downstream costs. The report noted that petrol could sell for an average of N1,250 per litre.
The development comes amid renewed volatility in the international oil market, with supply concerns linked to the ongoing tensions between the United States and Iran.
The report also noted that oil prices had declined after investors viewed the latest US sanctions against Iran as less threatening to global oil supplies than a possible military escalation.
However, analysts warned that the decline could be temporary, particularly if Iran responds militarily, potentially disrupting crude oil supplies.
The Strait of Hormuz also remains a major concern for the global oil market, as the strategic waterway handles a significant portion of the world’s oil supplies.
Meanwhile, marketers and depot operators who received the refinery’s latest circular were expected to begin returning existing Authorisation to Collect documents for repricing in line with the directive.
The Dangote Group had yet to officially respond to inquiries regarding the latest price increase at the time of the report.