Nigerian petroleum marketers and retailers have indicated that the retail price of Premium Motor Spirit (PMS) is set to rise from Tuesday and Wednesday, March 3 and 4, 2026.
The development follows an increase in the gantry price of petrol by the Dangote Refinery on Monday. The refinery reportedly raised its gantry price to N874 per litre, citing the impact of escalating tensions involving Iran, the United States, and Israel, which have pushed up global crude oil prices.
The adjustment represents an increase of at least N75 in the domestic petrol price amid heightened volatility in the international oil market.
The Middle East crisis intensified after Israeli strikes reportedly targeted senior Iranian figures, including Ayatollah Ali Khamenei. In response, Iran launched attacks on US allies in the region, including Saudi Arabia, and reportedly struck oil installations in Saudi Arabia and Qatar. Shipping operations in the Strait of Hormuz were also suspended, further tightening global oil supply.
Saudi Arabia’s largest refinery, the Saudi Aramco facility in Ras Tanura, was reportedly hit by an Iranian drone, leading to its shutdown. An attack affecting QatarEnergy also led to the suspension of LNG production, raising concerns about further disruptions in the global gas market.
As of Monday, Brent crude traded at $78.50 per barrel, while West Texas Intermediate stood at $71.84. Analysts have warned that if the Middle East crisis persists, LNG prices to Europe and Asia could climb to $25 per million British thermal units.
Retail fuel prices were observed between N870 and N899 per litre on Monday night. However, marketers have signaled that new pump prices will be implemented immediately.
The spokesperson of the Independent Petroleum Marketers Association of Nigeria, Chinedu Ukadike, said petrol prices could rise to between N980 and N1,000 per litre in the Federal Capital Territory and surrounding areas. He attributed the increase to rising crude oil prices and logistics costs but assured the public that supply remains steady and there is no need for panic buying.
Similarly, the National President of the Petroleum Products Retail Outlets Owners Association of Nigeria, Billy Gillis-Harry, said the escalating hostilities in the Middle East have directly influenced global crude prices, prompting local refineries to adjust their prices accordingly.
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