Petroleum marketers and retailers across Nigeria have announced an impending increase in the retail price of Premium Motor Spirit (PMS), effective Tuesday and Wednesday, March 3 and 4, 2026.
The development follows a fresh hike in the gantry price of petrol by Dangote Refinery, which on Monday raised its ex-depot price to N874 per litre. The adjustment, amounting to at least N75, comes amid rising global crude oil prices triggered by escalating tensions involving Iran, the United States and Israel.
The geopolitical crisis intensified after Israel reportedly carried out strikes that eliminated senior Iranian leaders, including Ayatollah Ali Khamenei. Iran subsequently launched retaliatory attacks on United States allies in the Middle East, including Saudi Arabia and Qatar.
Oil installations in Saudi Arabia and Qatar were affected, with reports indicating disruptions to shipping activities in the Strait of Hormuz. Saudi Arabia’s major oil facility operated by Saudi Aramco in Ras Tanura was reportedly hit by a drone strike, leading to a shutdown. Similarly, operations at QatarEnergy were impacted, raising concerns over liquefied natural gas (LNG) supplies.
As of Monday, Brent crude rose to $78.50 per barrel, while West Texas Intermediate stood at $71.84 per barrel. Analysts have warned that if the crisis persists, LNG prices to Europe and Asia could climb significantly.
Retail petrol prices had hovered between N870 and N899 per litre on Monday night. However, a manager at a Dangote-backed MRS filling station in Abuja confirmed that a new pump price would take effect from Tuesday.
Reacting to the development, the spokesperson of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Chinedu Ukadike, and the National President of the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), Billy Gillis-Harry, attributed the anticipated increase to the ripple effects of the Middle East conflict.
Ukadike said pump prices could rise to between N980 and N1,000 per litre in the Federal Capital Territory and surrounding areas, depending on transportation and logistics costs. He, however, urged Nigerians to avoid panic buying, assuring that supply would continue.
Gillis-Harry similarly noted that disruptions in crude oil production and supply in the Middle East were bound to affect global prices, with local refineries responding accordingly.
Market observers say further adjustments may occur if global tensions persist and crude oil prices continue their upward trend.