Nigerians should brace for higher fuel costs as petroleum marketers and retailers have announced an imminent increase in the pump price of Premium Motor Spirit (PMS) beginning Tuesday and Wednesday, March 3 and 4, 2026.
The development follows a hike in the gantry price of petrol by the Dangote Refinery, which raised its rate to N874 per litre on Monday.
Industry sources attributed the adjustment—an increase of at least N75—to surging global crude oil prices triggered by escalating tensions involving Iran, the United States, and Israel.
The conflict has disrupted oil infrastructure and shipping routes in the Middle East, particularly around the Strait of Hormuz, a critical corridor for global crude supply. Attacks on major energy facilities, including Saudi Arabia’s Ras Tanura refinery, have intensified fears of supply constraints.
As of Monday, Brent crude rose to $78.50 per barrel, while West Texas Intermediate traded at $71.84. Analysts warn that prolonged hostilities could further destabilise global oil and gas markets.
Goldman Sachs projected that if the crisis persists, liquefied natural gas (LNG) prices to Europe and Asia could surge to $25 per million British thermal units (MMBtu).
Reacting to the development, the spokesperson of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Chinedu Ukadike, said retail petrol prices in the Federal Capital Territory and surrounding areas could jump from N870–N899 per litre to between N980 and N1,000.
“There will be price fluctuation and increase. That is the ‘gain’ we are getting from the Iran-US-Israel war,” Ukadike said, urging Nigerians not to panic-buy as supply remains stable.
He added that although global crude prices are rising, Dangote Refinery is expected to maintain steady supply, with the Federal Government continuing to provide crude oil in naira to cushion volatility.
Similarly, the National President of the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), Billy Gillis-Harry, said the hike was inevitable given the geopolitical realities.
“You know that crude oil price is rising as hostilities escalate in the Middle East. Iran is a major supplier of crude oil. Any disruption in its operations will affect global crude prices—and prices will hike,” he stated.
While marketers insist there is no looming fuel scarcity, they warn that transportation and logistics costs may further influence final pump prices nationwide.
With global crude markets under pressure and energy infrastructure under threat, Nigeria’s domestic fuel market appears set for another round of price adjustments—placing additional strain on consumers already grappling with rising living costs.
