Dangote Refinery Raises Petrol Price Amid Crude Price Surge
The Dangote Petroleum Refinery has raised its wholesale petrol price to ₦1,185 per litre due to increasing operational pressures from global Brent crude prices surging past $93 amid Middle East tensions.
This decision took effect at midnight on August 21, 2026, and marks the latest fluctuation in a volatile month for Nigerian downstream pricing. The refinery also increased the national gantry price for Automotive Gas Oil (diesel) by ₦100 to ₦1,670 per litre.
The global energy market has been affected by escalating diplomatic and military friction between the United States and Iran, causing a five-day consecutive rally in crude prices. Brent Crude futures have gained 1.95% and are trading at $93.48 per barrel, while West Texas Intermediate (WTI) rose by 2% to settle at $86.12 per barrel.
The Dangote Refinery's pricing strategy remains competitive against legacy coastal importers, with a ₦5 to ₦15 per litre advantage over imported fuel. However, independent retail marketers warn that pump prices across the nation will inevitably rise, possibly exceeding ₦1,250 per litre in major metropolitan areas.