Dangote Refinery Raises Petrol Price by N20 to N1,185/L as Lagos Depots Adjust Rates
- Dangote Refinery raises PMS price by ₦20 to ₦1,185 per litre, effective August 21, 2026
- Current Lagos depot prices range from ₦1,190 to ₦1,200 per litre, remaining higher than Dangote's price
- Marketers may adjust petrol pump prices based on logistics and operational costs, keeping consumers in limbo
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Pascal Oparada is a journalist with Legit.ng, covering technology, energy, stocks, investment, and the economy for over a decade.
The Dangote Petroleum Refinery has increased its Premium Motor Spirit (PMS) gantry price by ₦20 per litre, moving the price from ₦1,165 to ₦1,185 per litre.
The new price takes effect from midnight on Friday, August 21, 2026, according to information gathered by Petroleumprice.ng.
Source: UGC
The latest adjustment comes amid fresh movements in the Lagos depot market, where petrol prices have also shifted across major facilities.
Lagos depot prices rise
PMS is currently trading at about ₦1,200 per litre at Integrated Oil and Gas, African Terminals and Nipco depots in Lagos.
At Pinnacle Oil and Gas, the product is reportedly being sold at ₦1,190 per litre.
With the new adjustment, Dangote Refinery’s ₦1,185 per litre gantry price remains below the prevailing depot prices.
The refinery’s price is ₦5 per litre lower than Pinnacle’s ₦1,190 rate and ₦15 below the ₦1,200 per litre price recorded at the other three depots.
This means the latest increase has not pushed Dangote’s refinery price above the major depot market benchmarks.
Dangote price still below petrol landing cost
Another key factor is the prevailing import-related cost of petrol.
The Major Energy Marketers Association of Nigeria (MEMAN) currently puts the landing cost of PMS at approximately ₦1,218 per litre.
At ₦1,185 per litre, Dangote Refinery’s new gantry price is therefore ₦33 below the reported landing cost benchmark.
The price gap could help the refinery remain competitive in the downstream market despite the latest ₦20 increase.
What it means for petrol pump prices
The increase in Dangote’s gantry price does not automatically mean petrol stations will immediately raise their pump prices by ₦20 per litre.
Marketers still have to factor in transportation, logistics, storage, distribution expenses and other applicable costs before determining their final selling prices.
Pump prices can therefore vary from one location to another depending on the marketer’s supply chain and operating costs.
Market awaits marketers’ response
The latest Dangote price adjustment is likely to keep attention focused on the relationship between refinery prices, depot rates and petrol import parity.
For now, Dangote’s new ₦1,185 per litre price remains below the quoted Lagos depot rates and the ₦1,218 per litre landing-cost benchmark.
Source: Getty Images
The next major test will be how marketers respond to the adjustment and whether changes in crude oil prices, foreign exchange rates, freight costs and international petrol prices widen or narrow the current price gap.
The development could influence petrol pricing across the country in the coming days, particularly as marketers reassess their supply costs and margins.
Dangote’s new petrol price puts pressure on depots
Legit.ng earlier reported that Dangote Petroleum Refinery held its petrol gantry price at N1,165 per litre on August 18, 2026, even as Nigeria's estimated spot import parity price for Premium Motor Spirit climbed above that level, data published by the Major Energies Marketers Association of Nigeria (MEMAN) showed.
The MEMAN Energy Bulletin for August 18 put the estimated spot import parity price at N1,212.45 per litre and N1,211.44 per litre.
Source: Legit.ng
