Petrol price climbs to N1,395 per litre

The price of Premium Motor Spirit, popularly known as petrol, rose further in parts of Lagos and Ogun states on Saturday, with motorists paying as much as N1,395 per litre following another increase in the Dangote Petroleum Refinery’s gantry price.

The latest development followed the refinery’s decision to raise its petrol price from N1,265 to N1,350 per litre, effective Saturday, September 12, 2026.

Checks showed that the Dangote-backed MRS station in Alapere, Lagos, increased its pump price from N1,310 to N1,395 per litre.

At the Mobil filling station on the same axis, petrol was sold for N1,385 per litre, while Matrix in Kara, Ogun State, dispensed the product at N1,360 per litre.

NNPC retail outlets in Ibafo were selling at N1,380 per litre, while Bovas sold the product for N1,280 per litre.

However, some filling stations had not adjusted their prices as of 6pm on Saturday.

The latest move represents the fourth increase in the refinery’s petrol gantry price since August 21.

On August 21, the refinery raised the price from N1,165 to N1,185 per litre before another adjustment to N1,200 on August 26.

Three days later, the price was reviewed upward to N1,265 per litre. The latest N85 increase has now pushed the refinery’s gantry price to N1,350.

In all, the successive adjustments have added N185, representing about 15.9 per cent, to the refinery’s petrol price within 22 days.

In a circular issued late Friday by the Group Commercial Operations office of the refinery, customers were informed of the revised pricing structure.

Petroleumprice.ng also confirmed the N1,350 per litre gantry price and reported that the coastal delivery price was increased from N1,669,545 to N1,783,530 per metric tonne.

The refinery directed customers to return existing Authority to Collect documents for repricing, adding that new volume contracts would be issued to facilitate the immediate resumption of loading.

The company also advised customers seeking clarification to contact its office.

The latest increase comes amid renewed pressure in the international crude oil market, with Brent crude recently trading above $104 per barrel after earlier crossing $107.

The rise in crude prices has been linked to the prolonged conflict involving the United States and Iran, which has disrupted oil supplies through the strategically important Strait of Hormuz.

Reduced oil flows through the waterway, coupled with attacks on tankers and tighter shipping conditions, have heightened concerns over global supply and kept international crude benchmarks elevated.

The increase in global crude prices has also continued to affect the domestic downstream market, with petrol prices rising from around N830 per litre before the Middle East crisis to N1,395 or more in some locations.

Before the crisis began on February 28, crude oil was trading below $69 per barrel. Subsequent disruptions to global supplies pushed prices higher and triggered fresh adjustments by domestic refiners and fuel importers.

Officials of the Dangote refinery had not responded to enquiries seeking further details on the latest price increase as of the time of filing this report.

(PUNCH)