The Dangote Petroleum Refinery has increased the price of Premium Motor Spirit (PMS), commonly known as petrol, by N15 per litre, raising its gantry price from N1,185 to N1,200.
The new price takes effect on Wednesday, August 26, 2026, according to a commercial notice issued by the refinery to its customers.
The latest adjustment comes just five days after Dangote Refinery raised its petrol price by N20, from N1,165 to N1,185 per litre. This brings the refinery’s total price increase within the period to N35 per litre.
The latest increase has attracted attention because it comes despite a recent decline in international crude oil prices. Brent crude, which traded around $93.48 per barrel when the previous price increase was announced on August 20, had fallen to about $88.48 per barrel by Tuesday.
Reuters reported that Brent dropped by $3.74 to $88.43 per barrel on Tuesday, amid market reactions to fresh United States sanctions against Iran.
The refinery has also raised its coastal PMS price, moving it from N1,562,265 to N1,582,380 per metric tonne. The adjustment represents an increase of N20,115 per metric tonne.
The new pricing is expected to affect the wider downstream petroleum market as fuel marketers and depot operators adjust their prices in response to the revised refinery supply cost.
Before the latest increase, petrol was selling at about N1,197 per litre at A.A. Rano depot in Lagos, while African Terminal and Integrated depots were quoting around N1,195 per litre on Monday.
The development follows a sharp movement in crude prices over the past week. Brent rose to $91.62 per barrel on August 19 and climbed above $93 the following day amid concerns about possible supply disruptions and tensions around the Strait of Hormuz.
However, prices subsequently weakened, with Brent settling at $92.17 on Monday before recording a sharper decline on Tuesday.
The refinery has instructed customers to return existing Automated Truck Loading tickets for repricing. New volume contracts are expected to be issued before loading resumes under the revised pricing arrangement.
The new coastal PMS price will also apply to bulk buyers purchasing petrol through coastal supply channels from August 26.
