Nigerians may begin to pay more for Premium Motor Spirit from Tuesday and Wednesday, March 3 and 4, 2026, as petroleum marketers signal an upward review of pump prices following fresh adjustments by the Dangote Refinery.
The development came after the $20bn refinery on Monday increased its gantry price of petrol to N874 per litre, citing the impact of the escalating hostilities involving Iran, the United States and Israel on global crude oil prices.
Industry sources said the refinery raised its ex-depot price by at least N75 amid volatility in the international oil market, a move expected to cascade to retail outlets across the country.
The latest tension in the Middle East followed reports that Israel carried out strikes that eliminated top Iranian figures, including Supreme Leader Ali Khamenei, last Friday. Iran was said to have retaliated with attacks on US allies in the region, targeting oil facilities in Saudi Arabia and Qatar.
Oil installations in Saudi Arabia, including the Saudi Aramco facility in Ras Tanura, were reportedly hit by drones, forcing a shutdown. Shipping activities in the Strait of Hormuz were also said to have been suspended, raising fears of supply disruptions.
In Qatar, operations linked to QatarEnergy were reportedly affected, leading to a temporary halt in liquefied natural gas production and further unsettling the global energy market.
As of Monday, Brent crude traded at $78.50 per barrel, while West Texas Intermediate stood at $71.84, reflecting renewed pressure in the oil market.
Analysts at Goldman Sachs warned that prolonged instability could push LNG prices to $25 per million British thermal units for Europe and Asia.
On Monday night, petrol was selling between N870 and N899 per litre in parts of the country. However, a manager at an Abuja outlet affiliated with the Dangote refinery disclosed that a new pump price would take effect from Tuesday.
Reacting to the development, the spokesperson for the Independent Petroleum Marketers Association of Nigeria, Chinedu Ukadike, and the National President of the Petroleum Products Retail Outlets Owners Association of Nigeria, Billy Gillis-Harry, attributed the anticipated hike to rising crude oil prices triggered by the Middle East crisis.
Ukadike projected that pump prices in the Federal Capital Territory and neighbouring areas could climb to between N980 and N1,000 per litre, up from the current N870 to N899 range.
He urged consumers to avoid panic buying, expressing confidence that the refinery would maintain supply while the Federal Government continues crude sales to it in naira.
He, however, noted that disruptions to crude shipments, particularly within the Gulf region, could tighten global supply and sustain upward price pressure.
Gillis-Harry also linked the looming increase to escalating hostilities in the Middle East, stressing that any disruption involving a major oil producer like Iran would inevitably affect global crude prices and compel local refiners to adjust their rates accordingly.