The Dangote Petroleum Refinery has increased its petrol gantry price by N20 per litre, raising the cost from N1,165 to N1,185 per litre as international crude oil prices climb above $93. The new price takes effect from midnight on Friday, August 21, 2026, according to Petroleumprice.ng.
The latest Dangote petrol price increase comes as Brent crude, the global benchmark, rose sharply on Thursday amid growing concerns over tensions between the United States and Iran. Brent gained 1.95 per cent to $93.48 per barrel, while US benchmark West Texas Intermediate climbed two per cent to $86.12 per barrel, according to Oilprice.com.
The refinery’s new price also comes as petrol prices at major Lagos depots remain slightly higher. PMS is currently selling for about N1,200 per litre at Integrated Oil and Gas, African Terminals and NIPCO, while Pinnacle Oil and Gas is offering the product at N1,190 per litre. This leaves Dangote’s new gantry price N15 below the N1,200 level and N5 below Pinnacle’s price.
The rise in crude prices has been linked to worsening geopolitical tensions and fading expectations of negotiations between Washington and Tehran. US President Donald Trump has threatened tougher economic measures against Iran and warned countries supporting the country of severe economic consequences. Market analysts say the possibility of tighter sanctions and disruptions to Middle East supplies is adding fresh pressure to global oil markets.
Despite the rise in crude prices, analysts say the bigger concern may be the strain on refined fuel supplies, particularly diesel. Saxo Bank’s Head of Commodity Strategy, Ole Hansen, noted that crude remained available while diesel supplies were under greater pressure, suggesting that the real stress in the oil market was occurring further downstream. For Nigerian motorists and businesses, the latest Dangote price adjustment could add another layer of pressure to fuel costs if higher global oil prices persist.
source: punch
