Dangote Petroleum refinery has hiked the Premium Motor Spirit(PMS) price from N1,165 to N1,185 per litre as the international oil prices climbed following geopolitical tension between the US and Iran.
The new tariff is slated to commence from Friday, August 21, 2026 at midnight according to petroleumprice.ng
The latest price increase came after the Brent crude oil surpassed the $93/barrel mark and climbed to a 3-week high against the backdrop of renewed geopolitical tensions between the US and Iran.
The News Chronicle reports that Brent crude rose 1.95 per cent to $93.48 per barrel, while West Texas Intermediate gained two per cent to $86.12 per barrel.
The refinery’s new price remains below rates at some Lagos depots, where petrol is selling for about N1,200 per litre. Pinnacle Oil and Gas is reportedly selling at N1,190.
Read Also:Nigeria’s Oil Investment Revival Faces Skilled Workforce Gap
Oil prices have continued rising for five consecutive days as concerns grow over possible disruptions to crude supplies from the Middle East.
Analysts say the pressure is becoming more noticeable in refined fuel markets, particularly diesel. Ole Hansen of Saxo Bank noted that while crude remains available, shortages in refined products are creating greater market stress.
The latest Dangote price adjustment reflects how rising global oil prices are beginning to influence Nigeria’s domestic petrol market.
