Dangote Refinery hikes petrol price to ₦1,185 per litre, still under Lagos depot rates
By Aboki Forex —
The Dangote Petroleum Refinery has raised its Premium Motor Spirit (PMS) gantry price by ₦20 per litre, from ₦1,165 to ₦1,185 per litre. The new price takes effect from midnight on Friday, August 21, 2026.
The adjustment was reported by Petroleumprice.ng and comes as Lagos depot prices also moved across major facilities. Despite the increase, Dangote's gantry price remains below prevailing depot rates in Lagos.
New price vs Lagos depots
PMS is currently trading at about ₦1,200 per litre at Integrated Oil and Gas, African Terminals and Nipco depots in Lagos. At Pinnacle Oil and Gas, the product is selling at ₦1,190 per litre.
Dangote's new ₦1,185 per litre gantry price is ₦5 lower than Pinnacle's rate and ₦15 below the ₦1,200 per litre recorded at the other three depots. The latest increase has therefore not pushed the refinery above the major depot market benchmarks.
Landing cost advantage
The Major Energy Marketers Association of Nigeria (MEMAN) currently puts the landing cost of PMS at approximately ₦1,218 per litre. At ₦1,185 per litre, Dangote's new gantry price is ₦33 below the reported landing cost benchmark.
This price gap could help the refinery remain competitive in the downstream market despite the ₦20 increase. It also keeps attention on the relationship between refinery prices, depot rates and petrol import parity.
Pump prices may vary
The increase in Dangote's gantry price does not automatically mean petrol stations will immediately raise pump prices by ₦20 per litre. Marketers still have to factor in transportation, logistics, storage, distribution expenses and other applicable costs before setting final selling prices.
Pump prices can therefore vary from one location to another depending on supply chain and operating costs. The next major test will be how marketers respond to the adjustment and whether changes in crude oil prices, foreign exchange rates, freight costs and international petrol prices widen or narrow the current price gap.
Legit.ng earlier reported that Dangote held its petrol gantry price at ₦1,165 per litre on August 18, 2026, even as Nigeria's estimated spot import parity price for PMS climbed above that level. The MEMAN Energy Bulletin for August 18 put the estimated spot import parity price at ₦1,212.45 per litre and ₦1,211.44 per litre.
For Nigerian consumers and businesses, the latest development means pump prices may stay under pressure in the coming days. With Dangote's price still below depot rates and landing cost, marketers have room to absorb some of the increase, but final pump prices will depend on how efficiently each operator manages its supply chain and margins.