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The Dangote Petroleum Refinery has adjusted its Premium Motor Spirit (petrol) gantry price upward by N20 per litre, moving it from N1,165 to N1,185 per litre, with the update slated to take effect from midnight on August 21, 2026, according to Petroleumprice.ng.
This upward revision coincides with Brent crude futures surpassing $93 per barrel on Thursday, reaching a three-week peak amid diminishing optimism regarding potential negotiations between the United States and Iran.
According to Oilprice.com, the international benchmark, Brent, climbed by 1.95 per cent to $93.48 per barrel, while the American benchmark, West Texas Intermediate crude, experienced a two per cent gain, reaching $86.12 per barrel.
The recent adjustment also unfolded against the backdrop of the Lagos depot market, where PMS currently trades at N1,200 per litre at Integrated Oil and Gas, African Terminals, and NIPCO, whereas Pinnacle Oil and Gas distributes at N1,190 per litre.
Following this update, Dangote’s gantry price remains N15 lower than the N1,200 per litre rate observed across three of the depots and sits N5 below Pinnacle’s N1,190 per litre price point.
Representatives of the Dangote Group have yet to issue a response to inquiries from correspondents regarding the price change as of the time this report was compiled.
Meanwhile, international oil prices extended their upward trajectory for a fifth successive day on Thursday after US President Donald Trump issued threats of the “most crushing economic operation ever taken against any country” directed at Iran, while cautioning nations backing Iran of severe economic repercussions.
As reported by Oilprice.com, heightened concerns regarding the enforcement of stricter sanctions against Iran have intensified worries over potential supply disruptions across the Middle East region.
“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 surge in crude futures, market analysts noted that the crude market continues to underappreciate actual supply constraints affecting fuel markets.
Amid ongoing supply tightness originating from the Middle East, Ole Hansen, Head of Commodity Strategy at Saxo Bank, observed that Brent crude was hovering around $90 per barrel, remaining well beneath the peak figures registered earlier during the conflict.
“Crude is available, diesel is not,” Hansen added, noting that “the real oil market stress is downstream.”
Furthermore, reports indicated that the diesel crack spread within the United States achieved triple digits during the week for the first time in history, with the premium over crude prices escalating as high as $102 per barrel on Monday before softening slightly to roughly $100 per barrel later in the week.
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