Retail fuel prices are set to increase across Nigeria from Tuesday and Wednesday, March 3 and 4, 2026, following a fresh hike in the ex-depot price of Premium Motor Spirit 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 escalating hostilities involving Iran, the United States and Israel.
The adjustment represents an increase of at least N75 per litre amid renewed volatility in the international oil market. As of Monday, Brent crude traded at $78.50 per barrel, while West Texas Intermediate stood at $71.84.
The surge in crude prices follows heightened tensions in the Middle East, including reported strikes that killed senior Iranian leaders such as Ali Khamenei, and retaliatory attacks on oil installations in Saudi Arabia and Qatar. Shipping operations in the Strait of Hormuz were also disrupted, raising concerns over global supply.
Saudi Arabia’s largest refinery facility in Ras Tanura was reportedly hit by a drone strike, while QatarEnergy suspended LNG production, developments analysts say could further tighten global energy supply. Investment bank Goldman Sachs warned that liquefied natural gas prices to Europe and Asia could climb to $25 per MMBtu if the crisis persists.
In Nigeria, pump prices 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 retail price would take effect from Tuesday.
Spokesperson of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Chinedu Ukadike, said pump prices in the Federal Capital Territory and surrounding areas could rise to between N980 and N1,000 per litre.
“There will be price fluctuation and increase. Because crude oil in the international market is going up, Dangote has adjusted its price. The pump price will also reflect transportation and logistics costs,” Ukadike said, urging motorists not to panic buy and expressing confidence in continued supply.
Similarly, National President of the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), Billy Gillis-Harry, attributed the expected hike to disruptions in crude oil supply from the Middle East.
He noted that as Iran is a major oil producer, any operational disruptions would inevitably push global crude prices higher, prompting local refiners to adjust domestic pump prices accordingly.
