Key takeaways:
- Dangote refinery raised its petrol gantry price to N1,200 per litre
- The N15 increase follows an earlier hike on August 21
- The hike comes despite falling global crude prices
Dangote Petroleum Refinery and Petrochemicals FZE has raised the gantry price of petrol from N1,185 to N1,200 per litre, effective August 26, 2026.
The refinery’s Group Commercial Operations disclosed the increase in an official communication to customers on Tuesday, titled “PMS Price Change Communication (N1,185 per Litre To N1,200 Per Litre).”
The notice asked customers to take note of the revised gantry and coastal prices. According to the accompanying table, the coastal price rose from N1,562,265 per metric tonne to N1,582,380, while the gantry price increased from N1,185 to N1,200 per litre.
The refinery directed customers to return all Authorisation to Collect documents for repricing, saying new volume contracts would be issued for immediate loading resumption.
“You are advised to return all ATCs for repricing, and a new volume contract will be issued for immediate loading resumption. Should you require any further clarification, please do not hesitate to contact us,” the notice said.
A second price hike within days
The latest adjustment marks a N15 per litre increase and comes barely days after the refinery raised its price from N1,165 to N1,185 per litre, an increase that took effect from midnight on August 21, 2026, according to industry trackers.
Marketers and depot operators who received the circular are believed to have already begun returning existing ATCs for repricing in line with the refinery’s directive.
The N15 increase could push pump prices higher as marketers factor in transportation, landing and other downstream costs, with petrol expected to return to an average of N1,250 per litre.
Dangote Group had not responded to requests for comment as of press time.
Price hikes despite falling global crude
The increase comes even as international crude prices have fallen sharply. Data on Tuesday showed West Texas Intermediate crude trading at $82.13 per barrel, down $2.88, or 3.39%, while Brent crude stood at $88.37 per barrel, down $3.80, or 4.12%. Murban crude fell further, shedding $8.73, or 8.61%, to trade at $92.71 per barrel.
The disconnect between falling crude prices and rising domestic fuel costs comes amid renewed volatility tied to the ongoing US-Iran conflict.
Oil prices fell as investors viewed the latest U.S. sanctions against Iran as less threatening to global supply than a military escalation, though analysts have warned the decline could prove an overreaction if Iran responds militarily.
Supply disruption risks remain elevated, with only two commodity vessels transiting the Strait of Hormuz on Monday, the lowest daily tally since early May.
