The Dangote Petroleum Refinery has increased the price of Premium Motor Spirit (PMS), commonly known as petrol, at its gantry from N1,185 to N1,200 per litre, effective Tuesday, August 26, 2026.
The refinery announced the adjustment in a notice sent to customers on Monday, August 25, through its Group Commercial Operations.
The coastal price was also increased from N1,562,265 to N1,582,380 per metric tonne.
Customers were directed to return their existing Authorisation to Collect (ATC) documents for repricing before loading could resume.
“You are advised to return all ATCs for repricing, and a new volume contract will be issued for immediate loading resumption,” the refinery stated.
The latest adjustment represents a N15 per litre increase, coming just days after the refinery raised its gantry price from N1,165 to N1,185 per litre on August 21.
The latest hike could lead to further increases in petrol pump prices as marketers factor in transportation, distribution and other downstream costs. The report indicated that retail petrol prices could return to an average of around N1,250 per litre.
The increase comes amid volatility in the international oil market and despite recent movements in crude oil prices.
According to the report, West Texas Intermediate (WTI) was trading at $82.13 per barrel, while Brent crude stood at $88.37 per barrel on Tuesday.
The oil market has also been affected by geopolitical tensions involving the United States and Iran, with investors closely monitoring the potential impact on global crude supplies.
Reuters reported that oil prices had fallen after investors assessed new US sanctions against Iran as less threatening to global supplies than a possible military escalation. However, analysts warned that prices could rise sharply if Iran responds militarily.
Another major concern is the Strait of Hormuz, a key route for global oil shipments.
Only two commodity vessels reportedly transited the waterway on Monday, the lowest daily figure since early May. Before the conflict, the strait handled approximately one-fifth of global oil consumption, meaning any prolonged disruption could have significant consequences for international energy markets.