Major fuel marketers in Nigeria have raised the pump price of Premium Motor Spirit (PMS) to between N1,310 and above N1,400 per litre, following Dangote Refinery's announcement of a new gantry rate of N1,265 per litre. The increase, which took effect on Saturday, August 29, 2026, has sparked fears that retail prices could soon breach the N1,500 mark.
Marketers Push Prices Higher
MRS Oil Nigeria led the latest round of increases, moving its price up by N105 from N1,205 to N1,310 per litre in Lagos and surrounding areas. Other filling stations followed suit, with prices at various outlets ranging from N1,315 to above N1,400 per litre depending on location.
The price hikes came even as Brent crude dropped 0.47% to $88.10 per barrel, while West Texas Intermediate slipped 0.16% to $83.40 per barrel, according to OilPrice.com. However, not all benchmarks moved in the same direction: Murban crude climbed 4.04% to $95.75 per barrel, the OPEC Basket rose 1.06% to $87.31, and the Indian Basket gained 1.53% to $89.52 per barrel.
Depot Prices Fuel the Pressure
A key driver behind the pump-price increases is the cost of petrol at supply depots across the country, which remained high as of Friday, August 28, 2026. Data from the Daily Depot Price Intelligence Report showed Warri recording the highest depot price at N1,217 per litre, followed by Port Harcourt at N1,214, Calabar at N1,204 and Lagos at N1,202 per litre.
In Warri, several depot operators priced their products between N1,210 and N1,217 per litre. Matrix sold at N1,217, while Liquid Bulk, Sigmund and T.S.L each sold at N1,215 and Masters at N1,210. When marketers absorb high depot costs alongside transportation, storage and financing charges, retail prices at the pump tend to move upward accordingly.
Dangote Refinery Adjusts Gantry Rate
Dangote Refinery has raised the pump-out price of petrol to N1,265 per litre, up from the previous gantry rate of N1,200, with the change taking effect on Saturday, August 29, 2026. The N65-per-litre increase was detailed in a price change circular issued by the refinery and cited by Petroleumprice.ng.
The refinery also adjusted its coastal Premium Motor Spirit (PMS) price upward from N1,582,380 to N1,669,545 per metric tonne, a rise of N87,165. The new pricing structure is expected to keep pressure on filling station operators, who must pass on the higher costs to consumers.
