The Dangote Petroleum Refinery has raised its Premium Motor Spirit (PMS) gantry price by another N15 per litre, pushing the price to N1,200 from N1,185, with the new rate taking effect tomorrow, Wednesday, August 26.

The latest increase comes barely five days after the refinery raised the price by N20 from N1,165 to N1,185 per litre, putting the total increase in the refinery’s gantry price at N35 per litre within five days. The latest adjustment is particularly significant because it comes as international crude prices have moved in the opposite direction.

Brent crude, which stood at $93.48 per barrel when Dangote announced the previous N20 increase on August 20, has since fallen to about $88.48 per barrel, according to market data by oilprice.com available on Tuesday.

That represents a decline of about $5 per barrel, or more than five per cent, over the period. Reuters also reported that Brent fell by $3.74 to $88.43 on Tuesday alone, as the market reacted to new United States sanctions on Iran.

The contrast means that, while the refinery increased its PMS price when crude was above $93 per barrel, it is implementing another increase when the international benchmark has dropped below $89.

The new Dangote price was contained in a commercial communication from Dangote Petroleum Refinery and Petrochemicals FZE made available to Petroleum price.ng.

The refinery also increased its coastal PMS price from N1,562,265 to N1,582,380 per metric tonne, representing an increase of N20,115 per metric tonne.

The adjustment is set to transmit pressure through the downstream market, particularly the depot segment, where marketers typically reprice products in response to changes in replacement cost and refinery supply terms.

As of Monday, PMS was trading at N1,197 per litre at A.A. Rano depot in Lagos, while African Terminal and Integrated depots were both quoting N1,195 per litre.

The development also comes against a backdrop of sharply changing crude-market conditions. Brent had risen to $91.62 on August 19 and continued climbing to above $93 the following day, amid heightened concerns over supply disruptions and tensions around the Strait of Hormuz. It subsequently retreated, with Brent settling at $92.17 on Monday before Tuesday’s steeper fall.

That sequence leaves the latest PMS increase at odds with the immediate direction of the international crude benchmark. Between August 20, when the previous Dangote increase was announced, and August 25, Brent has lost roughly $5 per barrel, while the refinery has added another N15 to the price of petrol.

According to Petroleumprice.ng, the refinery instructed customers to return all existing Automated Truck Loading (ATC) tickets for repricing following the adjustment. It added that new volume contracts would be issued to enable the immediate resumption of loading under the revised commercial terms.

The coastal price adjustment will similarly affect bulk buyers taking PMS through coastal supply arrangements, with the new rate set at N1,582,380 per metric tonne from August 26.