Dangote Refinery Ups Petrol Price to N1,200 Per Litre

The Dangote Petroleum Refinery has implemented another upward review of its Premium Motor Spirit (petrol) pricing, setting the new rate at N1,200 per litre at its gantry. This adjustment, which marks an increase from the previous N1,185 per litre, became effective on August 26, 2026.

According to a communication issued to its customers on Tuesday, August 25, the refinery's Group Commercial Operations division announced these updated prices, which also extend to coastal deliveries. The cost for coastal supply has similarly risen, moving from N1,562,265 to N1,582,380 per metric tonne.

Customers were given explicit instructions to submit their existing Authorisation to Collect (ATC) documents for repricing before any further product loading could commence. The refinery’s statement read: “You are advised to return all ATCs for repricing, and a new volume contract will be issued for immediate loading resumption.”

This latest N15 per litre increment follows closely on the heels of another price hike just days prior, when Dangote had raised the gantry price from N1,165 to N1,185 per litre on August 21. Market analysts suggest that these increases are likely to translate into higher pump prices for consumers, as marketers will factor in their transportation and other operational costs. Projections indicate that the average retail price of petrol could soon reach approximately N1,250 per litre.

This domestic price surge occurs despite a recent downward trend in global crude oil prices. As of Tuesday, West Texas Intermediate (WTI) was trading at $82.13 per barrel, while Brent crude was recorded at $88.37 per barrel. The international oil market continues to experience volatility, largely influenced by the ongoing tensions between the United States and Iran, which have fueled concerns about potential disruptions to global crude supplies.

A report by Reuters indicated that oil prices had declined after investors perceived new US sanctions against Iran as having less impact on global supplies compared to the possibility of a military escalation. However, experts have cautioned that a military response from Iran could lead to a sharp increase in prices.

Further concerns revolve around the Strait of Hormuz, a vital shipping lane for oil. Reports indicated that only two commodity vessels traversed the waterway on Monday, representing the lowest daily transit figure observed since early May. Before the current conflict, the Strait of Hormuz was responsible for handling approximately one-fifth of the world's total oil consumption, making any prolonged disruption a significant threat to international energy markets.