The Dangote Petroleum Refinery has increased the price of Premium Motor Spirit, commonly known as petrol, by N20 per litre, following a sharp rise in international crude oil prices.

The refinery’s gantry price will rise from N1,165 to N1,185 per litre, with the new rate taking effect from August 21, 2026.

The adjustment comes as Brent crude climbed above $93 per barrel, reaching a three-week high amid growing concerns over tensions between the United States and Iran and the possibility of disruptions to crude supplies from the Middle East.

Brent futures gained 1.95 per cent to $93.48 per barrel, while West Texas Intermediate crude rose by two per cent to $86.12 per barrel.

The latest Dangote price remains below prevailing depot prices in Lagos. Integrated Oil and Gas, African Terminals and NIPCO are reportedly selling petrol at about N1,200 per litre, while Pinnacle Oil and Gas has a depot price of N1,190 per litre.

At N1,185 per litre, Dangote’s new gantry price is N15 lower than the N1,200 rate and N5 below Pinnacle’s price.

The increase comes amid a sustained rally in global oil prices, with crude futures recording gains for a fifth consecutive trading session. Market concerns have intensified following threats by US President Donald Trump to impose tougher economic measures on Iran and countries supporting it.

Analysts have warned that continued geopolitical tensions could place additional pressure on global energy supplies, particularly refined petroleum products.

Ole Hansen, Head of Commodity Strategy at Saxo Bank, said the major pressure was increasingly being felt in downstream fuel markets, noting that crude supplies remained available while diesel supplies were becoming tighter.

The tightening conditions have also pushed diesel margins sharply higher in the United States, with the diesel crack spread reportedly reaching about $102 per barrel earlier in the week before easing slightly.