Dangote Petroleum Refinery has increased the gantry price of Premium Motor Spirit from N1,185 to N1,200 per litre, with the new price taking effect on August 26, 2026.
The refinery announced the adjustment in a notice to customers, which also raised its coastal price from N1,562,265 to N1,582,380 per metric tonne. Customers were instructed to return existing Authorisation to Collect documents for repricing before new volume contracts are issued.
The latest increase, which amounts to N15 per litre, comes only five days after the refinery raised the gantry price from N1,165 to N1,185 per litre. The repeated adjustments could push retail petrol prices higher as marketers account for transportation and other downstream costs.
According to the report, petrol prices are expected to return to an average of about N1,250 per litre following the latest increase.
Marketers and depot operators who received the refinery’s circular were expected to begin returning existing collection authorisations for repricing.
The development comes despite a decline in international crude oil prices. West Texas Intermediate fell to $82.13 per barrel, while Brent dropped to $88.37 and Murban crude declined to $92.71. The movements came amid renewed volatility in the global oil market.
The report linked the crude price movements to the ongoing US-Iran conflict, with investors viewing recent US sanctions against Iran as less threatening to global oil supplies than a military escalation. However, analysts warned that prices could rise if Iran responds militarily.
Supply disruption risks also remain, particularly around the Strait of Hormuz, through which about one-fifth of global oil consumption previously passed. Reuters reported that only two commodity vessels transited the waterway on Monday, its lowest daily tally since early May, keeping the global oil market exposed to further disruptions.
