Dangote Refinery Raises Petrol Price to ₦1,350/Litre

On 12 September 2026, Dangote Petroleum Refinery raised its Premium Motor Spirit (PMS) gantry price by ₦85 per litre, increasing the wholesale price from ₦1,265 to ₦1,350. This adjustment represents a 6.7% increase and comes amid rising international crude oil prices and petroleum product replacement costs.

The new price exceeds the current PMS landing-cost benchmark of ₦1,311 per litre, complicating pricing decisions for depot owners and independent marketers. Previously, the refinery had maintained its Lagos gantry price at ₦1,265 despite international market pressures.

The increase is already affecting the wider market, prompting depot marketers nationwide to adjust their prices and stock positions in anticipation of higher replacement costs. The surge in crude oil prices, influenced by escalating military tensions in the Middle East, has raised concerns about further price hikes across various sectors, including petrol, diesel, and electricity generation.