Dangote Oil 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 come into effect from midnight on Friday, August 21, 2026, according to Petroleumprice.ng.
The adjustment comes as Brent crude futures rose above $93 a barrel on Thursday, hitting a three-week high amid growing concerns about tensions between the United States and Iran.
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According to Oilprice.com, Brent crude, the international benchmark, rose 1.95 percent to $93.48 per barrel, while West Texas Intermediate (WTI), the US benchmark, gained two percent to $86.12 per barrel.
The latest increase also comes as petrol is trading at about N1,200 per liter at some depots in Lagos including Integrated Oil and Gas, African Terminals and NIPCO, while Pinnacle Oil and Gas is selling at N1,190 per litre.
With the latest adjustment, Dangote Refinery’s gantry price remains N15 below the N1,200 per liter price at the three depots and N5 below Pinnacle’s N1,190 per liter.
Dangote Group officials were yet to comment on the reported price increase at the time of publication.
Meanwhile, crude oil prices extended their rally for a fifth straight day on Thursday following US President Donald Trump’s threat of harsh economic measures against Iran and warnings to countries that support Tehran.
Oilprice.com reported that concerns over stricter enforcement of sanctions against Iran had raised fears of possible disruptions to Middle East crude supplies.
ING commodity strategists Warren Patterson and Ewa Manthey reportedly said the US president’s latest threats signaled a further escalation in Washington’s efforts to economically isolate Iran.
Despite the rise in crude futures, analysts said the oil market continued to underestimate the extent of supply disruptions affecting refined fuel markets.
Saxo Bank’s head of commodities strategy, Ole Hansen, said Brent crude was trading around $90 a barrel, significantly below peaks recorded earlier in the conflict.
“Crude oil is available, diesel is not,” Hansen said, adding that “the real tension in the oil market is in the downstream sector.”
The US diesel crack spread also reportedly crossed the $100 per barrel mark this week for the first time, peaking at $102 per barrel on Monday before declining to around $100 later in the week.
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