By Boluwatife Oshadiya | August 28, 2026
Key Points
- Dangote Refinery raises its petrol gantry price by ₦15 to ₦1,200 per litre
- Marketers report pump prices ranging from about ₦1,250 to ₦1,300 in some locations
- IPMAN says repeated price changes are making business planning increasingly difficult for marketers
Main Story
Petrol marketers have raised concerns over rising Premium Motor Spirit (PMS) prices after Dangote Petroleum Refinery increased its gantry price to ₦1,200 per litre, with pump prices approaching ₦1,300 in some locations.
The latest ₦15 increase took effect on August 26, 2026, moving Dangote’s gantry price from ₦1,185 to ₦1,200 per litre. It followed a ₦20 increase from ₦1,165 to ₦1,185 five days earlier, bringing the refinery’s cumulative increase to ₦35 per litre within five days.
The refinery also increased its coastal PMS price from ₦1,562,265 to ₦1,582,380 per metric tonne and instructed customers to return existing Authorisation to Collect documents for repricing before new volume contracts could be issued.
The National Publicity Secretary of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Chinedu Ukadike, said the frequent changes were creating uncertainty for marketers, who have to account for replacement costs, transportation and other downstream expenses.
“Every time Dangote increases his price, our price will also rise,” said Chinedu Ukadike, National Publicity Secretary, Independent Petroleum Marketers Association of Nigeria.
Checks reported in Abuja showed some major retail outlets had already adjusted pump prices, with NNPC Retail moving from ₦1,250 to ₦1,270 per litre and TotalEnergies from ₦1,250 to ₦1,275.
The price increase has occurred despite a decline in international crude prices. Brent crude was reported around $88.42 per barrel on August 27, while the broader oil market remained volatile amid geopolitical risks surrounding the Middle East.
What’s Being Said
“The price is expected to go down slowly because marketers are trying to recover their losses. Marketers have recorded very significant losses over the last 18 months due to the price fluctuations,” an operator with the Major Energies Marketers Association of Nigeria said in comments reported on the downstream market.
IPMAN has maintained that petrol prices are affected by several factors, including crude oil prices, foreign exchange movements, refinery pricing and geopolitical developments.
What’s Next
- Marketers are expected to continue adjusting retail prices as the new ₦1,200 Dangote gantry price feeds through the supply chain
- Further changes in crude prices and foreign exchange conditions will influence replacement costs and pump prices
- The downstream market will be watched for wider price adjustments across filling stations and depots
Bottom Line:
The latest Dangote increase shows that lower international crude prices do not automatically translate into cheaper petrol in Nigeria. For consumers and marketers, domestic refinery pricing, replacement costs, logistics and exchange-rate conditions remain critical determinants of pump prices.
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