Dangote Raises Petrol Price by N15 Amid Falling Global Oil Prices

The Dangote Petroleum Refinery and Petrochemicals has increased the price of Premium Motor Spirit, commonly known as petrol, from N1,185 to N1,200 per litre.

The new price took effect on Wednesday, August 26, 2026, according to a notice sent to customers by the refinery’s Group Commercial Operations.

In the communication, customers were informed of revised prices for both gantry and coastal deliveries.

The coastal price increased from N1,562,265 to N1,582,380 per metric tonne, while the gantry price rose by N15 per litre.

The refinery also instructed marketers to return all existing Authorisation to Collect documents for repricing. New volume contracts will subsequently be issued to enable loading to resume under the revised prices.

The latest increase comes only a few days after the refinery raised its gantry price from N1,165 to N1,185 per litre on August 21.

The latest adjustment therefore represents the second increase in less than a week.

The development is particularly notable because it comes amid a decline in international crude oil prices.

On Tuesday, West Texas Intermediate crude traded at about $82.13 per barrel, while Brent crude fell to $88.37 per barrel.

Murban crude also recorded a significant decline, trading around $92.71 per barrel.

Industry operators said the N15 increase at the refinery could eventually translate into higher retail prices as marketers factor in transportation, distribution and other downstream expenses.

Petrol prices could consequently rise to an average of about N1,250 per litre in some locations.

The latest adjustment also comes amid renewed uncertainty in the global oil market linked to tensions between the United States and Iran.

Falling crude prices have been attributed partly to investors’ assessment that recent US sanctions against Iran pose a smaller immediate threat to global oil supplies than a direct military escalation.

However, analysts have warned that the decline could prove temporary if tensions worsen or Iran takes military action that disrupts crude supplies.

The Strait of Hormuz remains a major concern for the global energy market because of its importance to international oil shipments.

Any prolonged disruption along the waterway could trigger renewed supply concerns and push crude prices higher.
Meanwhile, oil marketers and depot operators who received the Dangote refinery’s latest price circular are expected to adjust their transactions in line with the new pricing structure.

The Dangote Group had not issued a separate public statement on the latest increase at the time of reporting.

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