PETROL PRICE RISES TO N1,395/LITRE AS DANGOTE REFINERY INCREASES PRICE AGAIN
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By: Muftau Fatimo
Petrol pump prices rose to as high as N1,395 per litre on Saturday as filling stations adjusted their rates following the latest pricing review by the Dangote Petroleum Refinery, which increased its gantry price to N1,350 per litre.
Checks by our correspondent showed that the Dangote-backed MRS filling station in Alapere, Lagos, increased its petrol price from N1,310 to N1,395 per litre on Saturday.
At the Mobil filling station along the same axis, the product was sold for N1,385 per litre.
Meanwhile, Matrix filling station at Kara, Ogun State, dispensed petrol at N1,360 per litre, while Nigerian National Petroleum Company retail outlets in Ibafo sold the product for N1,380 per litre.
It was also observed that some filling stations had yet to adjust their pump prices as of 6pm on Saturday.
Bovas sold petrol to motorists at N1,280.
The Dangote refinery increased the gantry price of premium motor spirit from N1,265 to N1,350 per litre, effective Saturday, 12 September 2026.
The media had earlier predicted that there could be a fresh hike in fuel prices following the rise in oil costs.
The latest adjustment is the fourth upward review of the Dangote refinery’s petrol gantry price since August 21.
Dangote had increased the price from N1,165 to N1,185 per litre on August 21 before raising it to N1,200 on August 26.
It subsequently increased the price to N1,265 on August 29 and has now added another N85 per litre, taking the gantry price to N1,350 in three weeks.
The successive increases have raised the refinery’s petrol price by N185 per litre, or about 15.9 per cent, in 22 days.
In a circular issued late Friday by the Group Commercial Operations office of the Dangote Refinery, the company informed customers of the revised prices.
Petroleumprice.ng also confirmed that the new gantry price had been set at N1,350 per litre, while the coastal delivery price was increased from N1,669,545 to N1,783,530 per metric tonne.
Customers were instructed to return all existing Authority to Collect documents for repricing, after which new volume contracts would be issued to enable the immediate resumption of loading.
The circular also advised customers to contact the company for further clarification regarding the adjustment.
The latest price review comes amid rising international crude oil prices.
Brent crude recently rose above $104 per barrel after earlier crossing $107, as the prolonged confrontation between the United States and Iran continued to disrupt oil supplies through the Strait of Hormuz.
Oil flows through the strategic waterway have declined significantly in recent weeks, falling well below levels recorded during the earlier recovery period.
Attacks on tankers and restrictions on shipping have heightened concerns over global supply, keeping international oil benchmarks elevated and putting additional pressure on refined petroleum product prices.
Officials of the Dangote Refinery did not respond to messages seeking further details on the latest price increase.
The recent surge in global crude prices has added pressure on domestic petrol prices, which have risen from about N830 per litre before the Middle East crisis to N1,395 or higher, depending on the location.
Before the crisis began on February 28, crude oil was trading below $69 per barrel. However, subsequent disruptions to global oil supplies pushed international prices sharply higher, prompting the Dangote Refinery and fuel importers to review their prices.
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