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The Dangote Petroleum Refinery has raised its Premium Motor Spirit (petrol) gantry price by N20 per litre, from N1,165 to N1,185 per litre. The new price will take effect from midnight on August 21, 2026, according to Petroleumprice.ng.
The adjustment comes as Brent crude futures topped $93 per barrel on Thursday, hitting a three-week high amid fading hopes of talks between the United States and Iran.
Oilprice.com reports that Brent, the international benchmark, rose by 1.95 per cent to $93.48 per barrel, while the US benchmark, West Texas Intermediate crude, gained two per cent to $86.12 per barrel.
The latest increase also came against a Lagos depot market where PMS is currently trading at N1,200 per litre at Integrated Oil and Gas, African Terminals and NIPCO, while Pinnacle Oil and Gas is selling at N1,190 per litre.
With the new adjustment, Dangote’s gantry price remains N15 below the N1,200 per litre price at three of the depots and N5 below Pinnacle’s N1,190 per litre.
Officials of the Dangote Group have yet to respond to messages from our correspondent on the price hike up to when this report was filed
Meanwhile, oil prices were extending their rally for the fifth consecutive day on Thursday after US President Donald Trump threatened Iran with the “most crushing economic operation ever taken against any country” and warned countries supporting Iran of “tremendous economic consequences”.
According to Oilprice.com, concerns over stricter sanctions enforcement against Iran have heightened anxiety over possible supply disruptions in the Middle East.
“Trump also warned of tougher economic penalties for entities supporting Iranian economic activities, signalling a further escalation in US efforts to isolate Iran,” ING’s commodities strategists, Warren Patterson and Ewa Manthey, reportedly wrote in a note early on Thursday.
Despite the recent rise in crude oil futures, analysts said the crude market continued to underestimate the actual supply disruption in fuel markets.
Amid continued supply constraints from the Middle East, Head of Commodity Strategy at Saxo Bank, Ole Hansen, said Brent crude was trading around $90 per barrel, well below the peaks recorded earlier in the conflict.
“Crude is available, diesel is not,” Hansen added, noting that “the real oil market stress is downstream.”
Meanwhile, it was reported that the diesel crack spread in the United States hit triple digits this week for the first time ever. The premium over crude prices rose to as high as $102 per barrel on Monday before easing slightly to about $100 per barrel later in the week.
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