Latest N15 increase takes effect August 26, barely five days after the previous price adjustment……
The Dangote Petroleum Refinery and Petrochemicals FZE has increased its gantry price for Premium Motor Spirit, PMS, from N1,185 to N1,200 per litre, effective Wednesday, August 26, 2026.
The latest adjustment was communicated to customers on Tuesday by the refinery’s Group Commercial Operations in a notice announcing revised prices for gantry and coastal deliveries.
The notice, titled “PMS Price Change Communication (N1,185 per Litre to N1,200 per Litre),” advised customers to take note of the new gantry and coastal prices, which took effect on August 26.
Under the revised pricing, the coastal price increased from N1,562,265 per metric tonne to N1,582,380, while the gantry price rose by N15 per litre to N1,200.
The refinery also instructed customers to return all existing Authorisation to Collect documents for repricing, after which new volume contracts would be issued to enable loading to resume.
“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.
The latest increase comes barely five days after the refinery raised its gantry price from N1,165 to N1,185 per litre, with the previous adjustment taking effect at midnight on August 21.
The new price also comes despite a decline in international crude oil prices. Data from Oilprice.com on Tuesday showed West Texas Intermediate trading at $82.13 per barrel, down $2.88 or 3.39 per cent, while Brent crude fell by $3.80 or 4.12 per cent to $88.37 per barrel.
Murban crude also declined to $92.71 per barrel, representing a drop of $8.73 or 8.61 per cent.
The latest adjustment is expected to put additional pressure on petrol pump prices as marketers factor the higher gantry cost into transportation, depot and other downstream expenses.
Industry sources said the increase could push the average retail price of petrol towards N1,250 per litre, depending on location and distribution costs.
The development comes amid renewed volatility in the global oil market, with supply concerns linked to tensions between the United States and Iran continuing to influence crude prices and shipping activity.
Reports indicate that traffic through the Strait of Hormuz, a major route for global oil shipments, has also been affected, raising concerns over possible disruptions to international petroleum supplies.
