Nigerians may begin to pay as much as ₦1,000 per litre for Premium Motor Spirit from today (Tuesday) and Wednesday, March 3 and 4, 2026, following a fresh hike in the gantry price of petrol by the Dangote Refinery.
Petroleum marketers and retailers said the development would inevitably lead to an upward review of pump prices across the country.
The refinery reportedly increased its gantry price to ₦874 per litre on Monday, representing an adjustment of at least ₦75 amid rising global crude oil prices triggered by the escalating Iran-United States-Israel conflict.
Naija News reports that the latest round of hostilities in the Middle East has sent shockwaves through the global energy market.
The conflict escalated after Iranian leaders, including Ayatollah Ali Khamenei, were reportedly eliminated in a strike on Friday night. Iran subsequently launched attacks on US allies in the region, including Saudi Arabia.
Oil installations in Saudi Arabia and Qatar were reportedly targeted on Monday, forcing the suspension of shipping operations in the Strait of Hormuz, a critical global oil transit route.
Saudi Arabia’s largest refinery, the Saudi Aramco facility in Ras Tanura, was said to have been hit by an Iranian drone, leading to a shutdown.
Similarly, an attack on QatarEnergy reportedly forced a suspension of liquefied natural gas production, worsening concerns about global energy supply.
As of Monday, crude oil prices climbed to $78.50 per barrel for Brent and $71.84 for West Texas Intermediate.
Investment bank Goldman Sachs warned that if the Middle East crisis persists, LNG prices to Europe and Asia could surge to $25 per million British thermal units.
Retail fuel prices stood between ₦870 and ₦899 per litre on Monday night. However, a manager at a Dangote-backed MRS filling station in Abuja confirmed that a new retail price would take effect from Tuesday.
Reacting to the development, the spokesperson for the Independent Petroleum Marketers Association of Nigeria, Chinedu Ukadike, said the ripple effects of the Middle East conflict would push domestic petrol prices higher.
“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 the transportation and logistics. It will cost about ₦980 to ₦1,000.
“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 the world supply of crude,” he said.
‘Local Refineries Will Respond’ – PETROAN
On his part, the National President of the Petroleum Products Retail Outlets Owners Association of Nigeria, Billy Gillis-Harry, attributed the impending hike to rising global crude prices caused by the hostilities.
“Well, it’s very easy to understand. 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.
Industry operators say while scarcity may not be imminent, sustained global volatility could keep domestic pump prices under pressure in the coming days.
