The Dangote Petroleum Refinery has adjusted its Premium Motor Spirit (petrol) gantry price upward by N20, moving from N1,165 to N1,185 per litre effective midnight on August 21, 2026. This price increase coincides with a surge in global oil markets, where Brent crude futures crossed $93 per barrel to reach a three-week high of $93.48 per barrel, up 1.95%, while US West Texas Intermediate crude rose 2% to $86.12 per barrel. The rally in crude benchmarks comes amid heightened geopolitical tensions following warnings from US President Donald Trump regarding Iran, alongside growing concerns over potential Middle East supply disruptions. Despite the N20 hike, Dangote’s refined petrol remains competitively priced compared to major Lagos depot operations, where Integrated Oil and Gas, African Terminals, and NIPCO sell at N1,200 per litre (N15 higher than Dangote) and Pinnacle Oil and Gas sells at N1,190 per litre (N5 higher than Dangote). Market analysts note that while global crude supplies remain accessible, downstream bottlenecks particularly around middle distillates like diesel are driving significant stress across energy markets, highlighted by the US diesel crack spread reaching triple digits over crude prices.
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