Dangote Petroleum Refinery has increased the price of Premium Motor Spirit (PMS), commonly known as petrol, from N1,185 to N1,200 per litre, a move that could further increase pressure on consumers and transport operators.
The new price takes effect from Wednesday, August 26, 2026, according to a price notice issued by the refinery’s Group Commercial Operations.
The refinery also increased its coastal delivery price from N1,562,265 to N1,582,380 per metric tonne.
In a notice titled “PMS Price Change Communication (N1,185 Per Litre To N1,200 Per Litre),” the refinery instructed customers to return existing Authorisation to Collect documents for repricing before new loading arrangements could begin.
Customers will subsequently receive new volume contracts following the repricing exercise.
The latest adjustment represents a N15 per litre increase and comes just five days after the refinery raised its gantry price from N1,165 to N1,185 per litre.
The repeated price changes could push up retail petrol prices as marketers factor the higher depot cost into transportation, logistics and other downstream expenses. In some locations, petrol could sell for an average of around N1,250 per litre.
The latest petrol price increase comes at a time when international crude oil prices have been declining.
Data cited from Oilprice.com showed West Texas Intermediate (WTI) trading at $82.13 per barrel, down $2.88, or 3.39 per cent. Brent crude was priced at $88.37 per barrel, representing a decline of $3.80, or 4.12 per cent.
Murban crude also dropped to $92.71 per barrel, losing $8.73, or 8.61 per cent.
The contrast between falling global crude prices and rising domestic petrol prices is likely to renew discussions about the factors influencing pump prices in Nigeria’s deregulated downstream petroleum market.
The latest adjustment also comes amid increased volatility in global oil markets due to the ongoing US-Iran conflict and concerns about possible disruptions to crude supplies.
Reuters reported that oil prices fell after investors assessed the latest US sanctions against Iran as posing a smaller immediate threat to global supplies than the possibility of further military escalation.
Analysts, however, warned that the decline could be temporary if Iran responds militarily, potentially putting oil supplies at risk and sending crude prices higher.
The Strait of Hormuz continues to attract attention from global energy markets. Reuters reported that only two commodity vessels passed through the waterway on Monday, marking the lowest daily traffic figure since early May.
The strategically important waterway normally handles about one-fifth of global oil consumption, meaning a prolonged disruption could have major consequences for international energy markets.
For Nigerian consumers, however, the immediate concern is how the latest Dangote refinery price increase will affect petrol pump prices, transportation fares and the wider cost of living.
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