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Commodities

Dangote Raises Petrol Price Amid Crude Oil Surge

Guavy AI Editorial Team
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Oil
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The Dangote Petroleum Refinery has increased the price of Premium Motor Spirit (PMS), also known as petrol, by N20 per liter to N1,185. This new price takes effect from midnight on Friday, August 21, 2026.

The increase comes amid a sharp rise in international crude oil prices, with Brent crude futures climbing above $93 per barrel on Thursday to hit a three-week high. Brent rose by 1.95% to $93.48 per barrel, while the US benchmark, West Texas Intermediate, gained 2% to $86.12 per barrel.

Dangote's gantry price remains N15 below the N1,200 per liter depot price and N5 below Pinnacle Oil and Gas's rate of N1,190 per liter at major Lagos depots.

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