Dangote hikes petrol price again, ₦35 increase in just 5 days despite falling crude prices

• Dangote Refinery has increased its petrol gantry price from ₦1,185 to ₦1,200 per litre, effective August 26, 2026.

• The latest ₦15 increase comes five days after a ₦20 hike, taking the total increase to ₦35.

• The adjustment comes as international crude prices have fallen, although Dangote has not given a reason for the latest increase.

Dangote Petroleum Refinery has raised its Premium Motor Spirit (PMS) gantry price from ₦1,185 to ₦1,200 per litre, marking its second petrol price increase in five days.

The new price took effect on Wednesday, August 26, 2026, according to a price communication the refinery’s Group Commercial Operations issued to customers.

The latest adjustment adds ₦15 to the previous price. On August 21, the refinery had increased its gantry price from ₦1,165 to ₦1,185 per litre. That means Dangote’s petrol price rose by ₦35 per litre in five days. 

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

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Customers were directed to return existing Authorisations to Collect (ATCs) for repricing, after which new volume contracts would be issued before loading could resume. 

The latest price review comes as international crude prices have moved lower.

Brent crude was trading at about $93.48 per barrel when Dangote announced its previous ₦20 increase. By August 25, it had fallen to around $88.48, a decline of about $5 per barrel.

Reuters also reported that Brent fell by $3.74 to $88.43 on Tuesday as markets reacted to new US sanctions on Iran.

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However, Dangote has not publicly explained the reason for the latest ₦15 increase. Its customer communication confirms the new prices and repricing instructions but does not attribute the adjustment to crude prices, exchange rates or any other specific factor.

It’s important to note that the ₦1,200 figure is Dangote’s gantry price, not a nationwide pump price.

Retail prices can be higher because marketers have to account for transportation, storage, logistics, operating expenses and other costs before selling to motorists.

The latest adjustment could therefore put additional pressure on pump prices if marketers pass the increase through to consumers.

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The development also comes amid broader concerns about Dangote Refinery’s crude supply costs. Reuters reported on August 26 that 30% to 40% of the refinery’s crude is currently imported, with supplies including cargoes from the United States and Guyana.

For motorists, the immediate impact will depend on how filling stations and petroleum marketers respond to the new wholesale price.