Petrol hits N1,395/litre as Dangote hikes price again

Dangote Petroleum Refinery. Photo: Dangote

Petrol pump prices jumped to N1,395 per litre on Saturday as filling stations adjusted to the Dangote Petroleum Refinery’s latest pricing regime, which raised its gantry price to N1,350 per litre.

Checks by our correspondent showed that the Dangote-backed MRS filling station in Alapere, Lagos, changed its price from N1,310 to N1,395 on Saturday.

The price was N1,385 at the Mobil filling station on the same axis.

The Matrix filling station at Kara, Ogun State, sold petrol at N1,360 per litre, while Nigerian National Petroleum Company retail stations in Ibafo dispensed the product at N1,380 a litre.

It was also observed that some filling stations had yet to adjust their pump prices as of 6pm on Saturday.

Bovas sold petrol to motorists at N1,280.

The Dangote refinery increased the gantry price of premium motor spirit from N1,265 to N1,350 per litre, effective Saturday, 12 September 2026.

The PUNCH had earlier predicted that there could be a fresh hike in fuel prices following the rise in oil costs.

The latest adjustment is the fourth upward review of the Dangote refinery’s petrol gantry price since August 21.

Dangote had increased the price from N1,165 to N1,185 per litre on August 21 before raising it to N1,200 on August 26.

It subsequently increased the price to N1,265 on August 29 and has now added another N85 per litre, taking the gantry price to N1,350 in three weeks.

The successive increases have raised the refinery’s petrol price by N185 per litre, or about 15.9 per cent, in 22 days.

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In a circular issued late on Friday by the Group Commercial Operations office of the Dangote refinery, the company notified customers of the revised prices.

Petroleumprice.ng also confirmed that the new gantry price stands at N1,350 per litre, while the coastal delivery price was also adjusted from N1,669,545 to N1,783,530 per metric tonne.

Customers were directed to return all existing Authority to Collect documents for repricing. A new volume contract will be issued to allow immediate resumption of loading.

The circular advised customers to contact the company for any further clarification.

The adjustment comes against the backdrop of elevated international crude oil prices.

Brent crude recently climbed above $104 a barrel and had earlier surged past $107 as the prolonged confrontation between the United States and Iran continued to disrupt oil supplies through the Strait of Hormuz.

Oil flows through the strategic waterway have fallen sharply in recent weeks, with volumes dropping well below the levels recorded during the earlier recovery period.

Attacks on tankers and restricted shipping have intensified supply concerns, keeping global benchmarks firm and placing upward pressure on refined product costs worldwide.

Officials of the Dangote refinery did not respond to messages seeking further details about the new hike.

The latest rally in oil prices has increased pressure on domestic petrol prices, which have now climbed from about N830 per litre before the Middle East crisis to N1,395 or more, depending on location.

Before the crisis began on February 28, crude oil traded below $69 per barrel. However, the subsequent disruption to global oil supplies pushed international prices sharply higher, prompting the Dangote refinery and fuel importers to adjust their pricing.