Petroleum marketers and retailers in Nigeria say the retail price of Premium Motor Spirit (PMS) will increase from Tuesday and Wednesday, March 3 and 4, 2026, following a hike in the gantry price by Dangote Refinery.
The refinery reportedly raised its petrol gantry price to N874 per litre on Monday, adjusting upward by about N75 amid rising global crude oil prices triggered by escalating tensions in the Middle East.
Market observers linked the adjustment to the ongoing Iran–United States–Israel conflict, which has pushed international crude benchmarks higher. Reports indicate that crude prices climbed to $78.50 per barrel for Brent and $71.84 for West Texas Intermediate (WTI) on Monday.
The geopolitical crisis reportedly followed airstrikes targeting Iranian leadership, prompting retaliatory attacks on oil installations in Saudi Arabia and Qatar. Operations at key facilities, including Saudi Aramco’s Ras Tanura refinery, were said to have been temporarily disrupted, while shipping activities in the Strait of Hormuz were suspended. Analysts warned that further escalation could tighten global gas markets.
Retail fuel prices in parts of Nigeria were already trading between N870 and N899 per litre as of Monday night. A manager at a Dangote-backed MRS filling station in Abuja confirmed that a new pricing template would take effect Tuesday.
Officials of major marketers, including spokesperson for the Independent Petroleum Marketers Association of Nigeria (IPMAN), Chinedu Ukadike, and National President of the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), Billy Gillis-Harry, said domestic prices would reflect global crude movements.
Ukadike projected that petrol could sell between N980 and N1,000 per litre depending on transportation and logistics costs. He noted that supply remains stable and urged consumers to avoid panic buying, adding that the federal government continues to supply crude to domestic refineries in naira.
Gillis-Harry attributed the price adjustment to rising crude costs caused by hostilities in the Middle East, stating that local refineries naturally respond to global market shifts.
Industry stakeholders said further price fluctuations may occur if geopolitical tensions persist and disrupt international oil and liquefied natural gas (LNG) supply chains
