some sort of cult / group of people that worship a weird underwater monster (kinda like a kraken) and have to give it sacrifices. They capture a girl and prepare her for the monster, she is hung above a well that drops into where the monster is, but the ritual area seems to be underground. Her boyfriend goes after the girl, but cannot save her. He is surrounded by the members of the cult but instead of being taken by them he lights himself on fire.
That sounds very much like Dagon.