Nigerian petroleum marketers and retailers have indicated that the pump price of Premium Motor Spirit (PMS) will increase nationwide from Tuesday and Wednesday, March 3 and 4, 2026.
The development follows a hike in the gantry price of petrol by Dangote Refinery on Monday. The $20 billion refinery reportedly raised its ex-depot price to N874 per litre amid rising global crude oil prices triggered by escalating tensions between Iran, the United States and Israel.
The conflict intensified after Israeli strikes reportedly eliminated top Iranian leaders, including Supreme Leader Ali Khamenei. Iran is said to have retaliated with attacks on US allies in the Middle East, including Saudi Arabia.
Reports indicate that Iranian forces targeted oil installations in Saudi Arabia and Qatar, leading to disruptions in production and shipping operations through the Strait of Hormuz. Saudi Arabia’s major refinery facility at Ras Tanura, operated by Saudi Aramco, was reportedly hit by a drone strike, resulting in a shutdown.
Similarly, operations at QatarEnergy were affected, with reports of suspended LNG production, further tightening the global energy market.
As of Monday, crude oil prices climbed to $78.50 per barrel for Brent and $71.84 for West Texas Intermediate. Goldman Sachs projected that if the Middle East crisis persists, LNG prices to Europe and Asia could rise to $25 per million British thermal units (MMBtu).
Retail fuel 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 disclosed that a new retail price would take effect from Tuesday.
The spokesperson of the Independent Petroleum Marketers Association of Nigeria, Chinedu Ukadike, and the National President of the Petroleum Products Retail Outlets Owners Association of Nigeria, Billy Gillis-Harry, both confirmed that rising global crude oil prices would inevitably push domestic petrol prices higher.
Ukadike projected that pump prices could rise to between N980 and N1,000 per litre in the Federal Capital Territory and surrounding areas.
“There will be price fluctuation and increase. That is the ‘gain’ we are getting from the Iran-US-Israel war.
“Although, we have surpassed the issue of scarcity.
“Because crude oil in the international market is going up, so, in line with that standard, Dangote has increased their price this evening.
“The pump price will depend on transportation and logistics. It will cost about N980 to N1,000.
“There should be no panic buying. We are sure that Dangote will continue to supply petroleum products. The federal government will continue to supply them crude oil in naira.
“As it is now, you will find that vessels carrying crude oil from one nation to another will be very, very difficult to move, especially in the Gulf area, which will definitely put pressure on world supply of crude,” he said.
On his part, Gillis-Harry attributed the expected hike directly to instability in the Middle East.
“You know that crude oil price is rising as hostilities are escalating in the Middle East.
“Iran being a major supplier of crude oil, if there are disruptions in operations, they are obviously going to affect global crude prices.
“And prices will hike. So it won’t surprise me that our local refineries in Nigeria will immediately respond to that by hiking prices,” he stated.
