The Dangote Petroleum Refinery has increased its Premium Motor Spirit (PMS) from N1,165 to N1,185, amid a rise in global crude oil prices.
The new price is expected to take effect from midnight on Friday, August 21, 2026, according to Petroleumprice.ng.
The adjustment comes as Brent crude futures climbed above $93 per barrel on Thursday, reaching a three-week high amid growing concerns over tensions between the United States and Iran.
According to Oilprice.com, Brent crude, the international benchmark, rose 1.95 per cent to $93.48 per barrel, while West Texas Intermediate (WTI), the US benchmark, gained two per cent to $86.12 per barrel.
The latest increase also comes as petrol trades at about N1,200 per litre at some Lagos depots, including Integrated Oil and Gas, African Terminals and NIPCO, while Pinnacle Oil and Gas sells at N1,190 per litre.
With the latest adjustment, Dangote Refinery’s gantry price remains N15 below the N1,200 per litre price at the three depots and N5 below Pinnacle’s N1,190 per litre.
Officials of the Dangote Group had yet to comment on the reported price increase as of press time.
Meanwhile, crude oil prices extended their rally for a fifth consecutive day on Thursday following US President Donald Trump’s threat of severe economic measures against Iran and warnings to countries supporting Tehran.
Oilprice.com reported that concerns over stricter enforcement of sanctions against Iran had heightened fears of potential disruptions to crude supplies from the Middle East.
ING commodities strategists, Warren Patterson and Ewa Manthey, reportedly said the latest threats by the US president signalled further escalation in Washington’s efforts to isolate Iran economically.
Despite the rise in crude futures, analysts said the oil market continued to underestimate the extent of supply disruptions affecting refined fuel markets.
Head of Commodity Strategy at Saxo Bank, Ole Hansen, said Brent crude was trading around $90 per barrel, significantly below the peaks recorded earlier in the conflict.
“Crude is available, diesel is not,” Hansen said, adding that “the real oil market stress is downstream.”
The diesel crack spread in the United States also reportedly crossed the $100-per-barrel mark this week for the first time, reaching as high as $102 per barrel on Monday before easing to about $100 later in the week.
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