Retail prices of Premium Motor Spirit (PMS) are set to increase nationwide from Tuesday and Wednesday, March 3 and 4, 2026, following a fresh adjustment by the Dangote Refinery.
The $20 billion refinery on Monday raised its gantry price of petrol to N874 per litre, citing rising global crude oil prices triggered by the escalating Iran-United States-Israel conflict. The adjustment represents an increase of at least N75 per litre amid growing volatility in the international oil market.
The conflict intensified after Israeli and U.S. forces reportedly eliminated Iranian leaders, including Ayatollah Ali Khamenei, in a strike last Friday. Iran retaliated with attacks on U.S. allies in the Middle East, targeting oil installations in Saudi Arabia and Qatar and disrupting shipping activities in the Strait of Hormuz.
Saudi Arabia’s largest refinery, a Saudi Aramco facility in Ras Tanura, was reportedly struck by an Iranian drone, leading to a shutdown. In Qatar, operations at QatarEnergy were also suspended, halting liquefied natural gas (LNG) production and heightening concerns over global gas supply.
As of Monday, Brent crude rose to $78.50 per barrel, while West Texas Intermediate traded at $71.84. Analysts at Goldman Sachs warned that prolonged instability could push LNG prices to $25 per million British thermal units (MMBtu) in Europe and Asia.
In Nigeria, petrol retail prices had ranged between N870 and N899 per litre as of Monday night. However, marketers now project pump prices could climb to between N980 and N1,000 per litre, particularly in the Federal Capital Territory and surrounding areas.
Chinedu Ukadike, spokesperson of the Independent Petroleum Marketers Association of Nigeria, and Billy Gillis-Harry, National President of the Petroleum Products Retail Outlets Owners Association of Nigeria, attributed the expected hike to rising crude costs. They assured consumers there would be no scarcity, noting that supply remains stable despite global shipping challenges in the Gulf region.
Industry stakeholders, however, have advised against panic buying, emphasizing that domestic supply chains remain operational.
