DANGOTE RAISES PETROL PRICE TO ₦1,200/L DESPITE CRUDE PRICE DECLINE

Dangote Petroleum Refinery and Petrochemicals has increased its gantry price for Premium Motor Spirit, commonly known as petrol, from ₦1,185 to ₦1,200 per litre, effective August 26, 2026.

The refinery announced the adjustment in a communication to its customers, directing them to return existing Authorisation to Collect documents for repricing before loading resumes under new volume contracts.

The latest increase represents a ₦15 per litre rise and comes only days after the refinery raised its petrol price from ₦1,165 to ₦1,185 per litre.

The refinery also increased its coastal petrol price from ₦1,562,265 to ₦1,582,380 per metric tonne.

The latest adjustment comes despite a decline in international crude prices. West Texas Intermediate crude was trading at about $82.13 per barrel, while Brent crude stood at approximately $88.37 per barrel, according to market data cited in the report.

The price increase could push petrol pump prices higher as marketers factor in transportation, distribution, and other downstream costs. Petrol is expected to sell at an average of around ₦1,250 per litre.

The development comes amid continued volatility in the international oil market and uncertainty surrounding the ongoing conflict involving the United States and Iran.

Market concerns have also centred on potential disruptions around the Strait of Hormuz, a major route for global oil shipments.

Dangote Refinery has not publicly provided a detailed explanation for the latest price adjustment.

The increase is expected to renew concerns among consumers and transport operators over rising fuel costs and their potential impact on transportation and household expenses.