Dangote Refinery has once again raised its petrol price from ₦1,165 to ₦1,185 per litre, with the new price taking effect from Friday, August 21, 2026.
The latest adjustment shows a ₦20 increase in the refinery’s Premium Motor Spirit (PMS) ex-gantry price. The development comes less than three weeks after the refinery reduced its petrol price by ₦50 from ₦1,215 to ₦1,165 per litre.
Why Dangote Refinery Increased the Petrol Price
The latest increase is due to renewed pressure in the international crude oil market.
The price of refined petroleum products is known to be influenced by the cost of crude oil and other factors involved in sourcing, refining and distributing the products. Dangote Refinery has adjusted its pricing in response to movements in global crude prices and changing market conditions.
Dangote Refinery’s Bigger Plans
Beyond the petrol price adjustments, Dangote Refinery is also preparing for a major development in Nigeria’s capital market.
The refinery has secured a $1 billion underwriting programme ahead of a planned initial public offering, with the company seeking regulatory approval for a proposed $5 billion IPO. Reuters reported that the listing is expected to take place on the Nigerian stock exchange in October, subject to regulatory approval.
The proposed listing would be a great development for the $20 billion refinery and could make the offering one of the biggest IPOs in Africa.
What Nigerians Should Expect
For now, motorists should expect petrol prices to remain dependent on individual marketers.
The latest ₦20 increase at Dangote Refinery comes at a time when the Nigerian downstream market continues to adjust to movements in crude prices, supply conditions plus competition between fuel suppliers. Consumers should check the actual pump price at their preferred filling stations rather than assuming every outlet will immediately sell petrol at ₦1,185 per litre.
