Specifically, Dangote Petroleum Refinery and Petrochemicals has increased the price of Premium Motor Spirit, popularly known as petrol, from ₦1,185 to ₦1,200 per litre.
The latest adjustment, which took effect on Wednesday, August 26, 2026, represents a ₦15 increase in the refinery’s gantry price.
But oil crude prices fell more than $2 a barrel on Wednesday as talks between Iran and Oman revived hopes that the Strait of Hormuz could reopen and remove shipping constraints affecting supply in the key Middle East region.
Brent crude futures fell $2.30, or 2.6%, to $86.28 a barrel by 0447 GMT, earlier dropping to their lowest since August 13. U.S. West Texas Intermediate crude futures were down $2.08, or 2.53%, at $80.29, earlier sinking to their lowest since August 10.
Both benchmarks fell more than 3% on Tuesday
But the refinery, on Tuesday, announced the new price in a notice sent to its customers by its Group Commercial Operations on Tuesday.
The communication, titled, ‘PMS Price Change Communication (₦1,185 Per Litre To ₦1,200 Per Litre)’, informed customers of the revised prices for gantry and coastal deliveries.
According to the price table contained in the notice, the coastal price was increased from ₦1,562,265 per metric tonne to ₦1,582,380 per metric tonne.
Customers were directed to return existing Authorisation to Collect documents for repricing before new volume contracts could be issued.
The refinery stated, “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 latest price increase comes only days after the refinery raised its petrol price from ₦1,165 to ₦1,185 per litre.
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The previous adjustment took effect at midnight on August 21, 2026, according to industry trackers. The latest increase means that the refinery has raised its gantry price by ₦35 per litre within five days.
The development is expected to put additional pressure on petrol prices at filling stations, as marketers factor in transportation, depot, and other downstream costs.
Following the refinery’s directive, marketers and depot operators who received the latest circular reportedly began returning their existing ATCs for repricing.
The process is expected to precede the issuance of new volume contracts and the resumption of loading under the revised prices.
The latest development comes amid renewed volatility in the global oil market, with the ongoing United States-Iran conflict adding to uncertainty in the international energy market.