Dangote Petroleum Refinery and Petrochemicals FZE has raised the gantry price of Premium Motor Spirit from N1,185 to N1,200 per litre, effective August 26, 2026.
The refinery’s Group Commercial Operations unit communicated the revised depot prices for gantry and coastal deliveries to customers in an email on Tuesday, titled “PMS Price Change Communication (N1,185 per Litre To N1,200 Per Litre).” Customers were asked to take note of the revised gantry and coastal price for petrol, effective from August 26.
According to the notice, the coastal price rose from N1,562,265 per metric tonne to N1,582,380, while the gantry price increased from N1,185 to N1,200 per litre. The refinery also directed customers to return all Authorisation to Collect documents for repricing, saying a new volume contract would be issued to allow loading to resume immediately.
The notice read in part, “You are advised to return all ATCs for repricing, and a new volume contract will be issued for immediate loading resumption. Should you require any further clarification, please do not hesitate to contact us.”
The N15 per litre increase is the second in less than a week. The refinery had raised the gantry price from N1,165 to N1,185 per litre from midnight on August 21, according to industry trackers.
The latest hike comes despite a decline in international crude oil prices. Data from oilprice.com on Tuesday showed West Texas Intermediate crude trading at $82.13 per barrel, down $2.88 or 3.39 per cent, while Brent crude stood at $88.37 per barrel, down $3.80 or 4.12 per cent. Murban crude fell to $92.71 per barrel, shedding $8.73 or 8.61 per cent.
Marketers and depot operators who received the circular were said to have begun returning existing ATCs for repricing in line with the directive. The increase is expected to push pump prices higher as marketers factor in transportation, landing and other downstream costs, with petrol projected to average N1,250 per litre.
The Dangote Group had yet to respond to enquiries as of the time of filing.
The price increase comes amid renewed volatility in the international oil market linked to the ongoing US-Iran conflict. Oil prices fell after investors viewed the latest US sanctions against Iran as less threatening to global supply than a military escalation, though some analysts cautioned the decline could be an overreaction, warning that prices could rise sharply should Iran retaliate militarily.
Supply disruption risks remained, with only two commodity vessels transiting the Strait of Hormuz on Monday, the lowest daily tally since early May.
The waterway, which handled about one-fifth of global oil consumption before the conflict began, remains vulnerable to further disruption.
