Nigerian petroleum marketers and retailers have announced that the pump price of Premium Motor Spirit (PMS), popularly known as petrol, is expected to increase from Tuesday and Wednesday, March 3 and 4, 2026, following a fresh hike in the gantry price by Dangote Refinery.
The $20 billion refinery on Monday raised its gantry price of petrol to N874 per litre, representing an upward adjustment of at least N75. Industry stakeholders linked the decision to rising global crude oil prices triggered by escalating hostilities involving Iran, the United States, and Israel.
The renewed volatility in the global oil market follows reports of intensifying conflict in the Middle East, including the killing of Iranian leaders such as Ali Khamenei in a recent strike. Iran reportedly responded with attacks targeting U.S. allies in the region, including Saudi Arabia.
Oil installations in Saudi Arabia and Qatar were said to have come under attack, leading to disruptions in production and shipping operations through the Strait of Hormuz — a critical global oil transit route. Saudi Arabia’s largest refinery, the Saudi Aramco facility in Ras Tanura, was reportedly hit by a drone strike, resulting in a shutdown.
Similarly, operations at QatarEnergy’s liquefied natural gas facilities were suspended, a development analysts warn could further tighten the global energy market.
As of Monday, Brent crude rose to $78.50 per barrel, while West Texas Intermediate traded at $71.84 per barrel. Investment bank Goldman Sachs projected that if the Middle East crisis persists, LNG prices to Europe and Asia could climb to $25 per million British thermal units (MMBtu).
Retail petrol prices in parts of Nigeria stood between N870 and N899 per litre as of Monday night. However, a manager at a Dangote-backed MRS filling station in Abuja confirmed that a new pump price would take effect from Tuesday.
Reacting to the development, the spokesperson of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Chinedu Ukadike, said the domestic market would inevitably reflect the global crude oil surge.
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“There will be price fluctuation and increase. That is the ‘gain’ we are getting from the Iran-US-Israel war,” Ukadike said, adding that retail prices could rise to between N980 and N1,000 per litre in the Federal Capital Territory and surrounding areas.
He, however, assured Nigerians that there would be no scarcity, noting that Dangote Refinery continues to receive crude supply in naira under the Federal Government’s arrangement.
Ukadike also warned that shipping crude across international waters, particularly in the Gulf region, may become increasingly difficult due to security concerns, thereby tightening global supply.
Similarly, the National President of the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), Billy Gillis-Harry, attributed the expected hike to disruptions in major crude-producing regions.
“With hostilities escalating in the Middle East and Iran being a major crude supplier, any operational disruption will affect global prices. Local refineries will naturally respond to those realities,” he said.
Despite the looming increase, marketers have urged Nigerians to avoid panic buying, assuring that supply remains stable even as global uncertainties persist.
The latest development underscores Nigeria’s vulnerability to international oil market shocks, even as the country ramps up domestic refining capacity through Dangote Refinery and other local operators.