Fresh increases in the pump price of Premium Motor Spirit are expected across the country from Tuesday, March 3, and Wednesday, March 4, 2026, following an upward adjustment in ex-depot rates by the Dangote Refinery.
Industry operators said the refinery on Monday reviewed its gantry price to N874 per litre, representing an increase of about N75, amid surging global crude oil prices linked to escalating tensions involving Iran, the United States and Israel.
The spike in international oil prices followed reports of Israeli strikes that allegedly eliminated senior Iranian officials, including Supreme Leader Ali Khamenei.
Iran was said to have retaliated with attacks on strategic assets belonging to US allies in the Middle East, targeting oil facilities in Saudi Arabia and Qatar.
Among the installations reportedly affected was a major facility operated by Saudi Aramco in Ras Tanura, which was said to have been shut down after a drone strike.
Maritime operations through the Strait of Hormuz were also disrupted, heightening concerns over global crude supply.
Energy infrastructure linked to QatarEnergy was equally reported to have suffered disruptions, resulting in a temporary suspension of liquefied natural gas production and fuelling anxiety in the global gas market.
On Monday, Brent crude climbed to $78.50 per barrel, while West Texas Intermediate traded at $71.84, reflecting renewed volatility. Analysts at Goldman Sachs cautioned that sustained instability in the region could drive LNG prices for Europe and Asia up to $25 per million British thermal units.
Retail petrol prices hovered between N870 and N899 per litre in several outlets on Monday night.
However, a manager at a Dangote-affiliated filling station in Abuja indicated that a fresh pump price would take effect from Tuesday.
The National Public Relations Officer of the Independent Petroleum Marketers Association of Nigeria, Chinedu Ukadike, said the ripple effect of rising crude prices would inevitably reflect at the pumps.
He projected that prices in the Federal Capital Territory and adjoining areas could rise to between N980 and N1,000 per litre.
Ukadike appealed to motorists to shun panic buying, expressing optimism that supply would remain steady as crude continues to be made available to the refinery in naira.
He nevertheless warned that challenges in crude shipments, especially within the Gulf corridor, could exert further pressure on international supply.
Similarly, the National President of the Petroleum Products Retail Outlets Owners Association of Nigeria, Billy Gillis-Harry, said escalating hostilities in the Middle East were directly influencing crude prices.
He noted that any disruption involving a key oil-producing nation such as Iran would have immediate implications for global pricing and, by extension, domestic pump rates.
