By Our Correspondent
The Dangote Petroleum Refinery has increased the price of Premium Motor Spirit (PMS), popularly known as petrol, by ₦20 per litre, moving its gantry price from ₦1,165 to ₦1,185 per litre.
The new price takes effect from Friday, August 21, 2026, according to reports citing petroleum products trading platform Petroleumprice.ng.
The latest adjustment comes amid rising international crude oil prices, with Brent crude recently climbing above $93 per barrel. Movements in global crude prices and changing market conditions continue to influence domestic petroleum prices.
Despite the ₦20 increase, Dangote Refinery’s new price remains competitive in the Lagos depot market. Petrol is reportedly selling for about ₦1,190 per litre at Pinnacle Oil and Gas, while some other major depots are quoting around ₦1,200 per litre.
The refinery’s new price is also reportedly ₦33 below the estimated petrol landing cost of ₦1,218 per litre, according to the Major Energy Marketers Association of Nigeria (MEMAN).
However, the latest increase in the refinery’s gantry price does not automatically mean filling stations will increase their pump prices by ₦20. Retail prices are also affected by transportation, logistics, distribution expenses and marketers’ margins.
The development is expected to keep the Nigerian downstream petroleum market under close watch as marketers and consumers monitor the impact of global oil prices and domestic supply conditions.
While Dangote’s petrol price has increased, its new ₦1,185 per litre rate remains below several competing depot prices and the current import-related benchmark.
