Nigerians could begin paying close to ₦1,000 per for Premium Motor Spirit (PMS) from Tuesday, March 3 and Wednesday, March 4, 2026, after a fresh upward adjustment in the gantry price announced by the Dangote Refinery.
Petroleum marketers and retail operators say the increase at the depot level will inevitably translate to higher pump prices nationwide, as filling stations adjust to reflect the new supply cost.
Gantry Price Raised Amid Global Oil Surge
On Monday, the refinery reportedly raised its ex-depot price to ₦874 per litre — an increase of at least ₦75. The adjustment comes against the backdrop of rising international crude oil prices, triggered by renewed hostilities involving Iran, the United States and Israel.
The escalation in the Middle East has rattled global energy markets. Reports indicate that Iranian Supreme Leader Ali Khamenei and other senior figures were killed in a recent strike, prompting retaliatory attacks on U.S. allies in the region, including Saudi Arabia.
Oil facilities in Saudi Arabia and Qatar were reportedly targeted, disrupting production and shipping operations. The temporary halt of maritime activities in the Strait of Hormuz — a critical route for global crude shipments — has heightened fears of supply shortages.
Saudi Arabia’s major oil processing hub operated by Saudi Aramco in Ras Tanura was said to have suffered drone-related damage, while an attack on QatarEnergy reportedly led to a suspension of liquefied natural gas output.
Crude Prices Climb, Markets React
As of Monday, Brent crude rose to $78.50 per barrel, while West Texas Intermediate traded at $71.84. Analysts warn that continued instability could drive prices even higher. Investment bank Goldman Sachs projected that prolonged conflict may push LNG prices in Europe and Asia up to $25 per million British thermal units.
The ripple effect is already being felt in Nigeria’s downstream sector. As of Monday night, retail petrol prices ranged between ₦870 and ₦899 per litre. However, a manager at a Dangote-affiliated MRS outlet in Abuja confirmed that a revised pump price would take effect from Tuesday.
Marketers Warn of Further Increases
Chinedu Ukadike, spokesperson for the Independent Petroleum Marketers Association of Nigeria (IPMAN), said the international price surge would inevitably influence domestic fuel costs.
According to him, while Nigeria has moved past persistent fuel scarcity, global crude volatility will continue to affect local pricing dynamics. He projected that pump prices could range between ₦980 and ₦1,000 per litre, depending on transportation and distribution logistics.
Ukadike urged consumers to avoid panic buying, expressing confidence that the Dangote Refinery would maintain steady product supply. He also noted that the Federal Government’s arrangement to supply crude oil to the refinery in naira could help cushion extreme fluctuations.
However, he cautioned that shipping crude across the Gulf region may become increasingly difficult if tensions persist, placing additional pressure on global supply chains.
Retailers Cite Global Market Realities
Similarly, Billy Gillis-Harry, National President of the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), attributed the anticipated hike to rising crude prices fueled by geopolitical instability.
He explained that as a major oil producer, any operational disruption involving Iran would naturally tighten global supply and drive up international benchmarks. Local refineries, he said, are likely to adjust prices in response to those global shifts.
No Immediate Scarcity, But Pressure Mounts
Industry stakeholders maintain that a nationwide fuel shortage is not imminent. However, they acknowledge that sustained volatility in the international oil market could keep upward pressure on domestic pump prices in the days ahead.
For Nigerian consumers already grappling with inflation and high transportation costs, the potential move toward ₦1,000 per litre underscores how global geopolitical crises continue to shape economic realities at home.
As of Monday, Brent crude rose to $78.50 per barrel, while West Texas Intermediate traded at $71.84. Analysts warn that continued instability could drive prices even higher. Investment conflict may push LNG prices in Europe and Asia up to $25 per million British thermal units.
The ripple effect is already being felt in Nigeria’s downstream sector. As of Monday night, retail petrol prices ranged between ₦870 and ₦899 per litre. However, a manager at a Dangote-affiliated MRS outlet in Abuja confirmed that a revised pump price would take effect from Tuesday.
Marketers Warn of Further Increases
Chinedu Ukadike, spokesperson for the Independent Petroleum Marketers Association of Nigeria (IPMAN), said the international price surge would inevitably influence domestic fuel costs.
According to him, while Nigeria has moved past persistent fuel scarcity, global crude volatility will continue to affect local pricing dynamics. He projected that pump prices could range between ₦980 and ₦1,000 per litre, depending on transportation and distribution logistics.
Ukadike urged consumers to avoid panic buying, expressing confidence that the Dangote Refinery would maintain steady product supply. He also noted that the Federal Government’s arrangement to supply crude oil to the refinery in naira could help cushion extreme fluctuations.
However, he cautioned that shipping crude across the Gulf region may become increasingly difficult if tensions persist, placing additional pressure on global supply chains.
Retailers Cite Global Market Realities
Similarly, Billy Gillis-Harry, National President of the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), attributed the anticipated hike to rising crude prices fueled by geopolitical instability.
He explained that as a major oil producer, any operational disruption involving Iran would naturally tighten global supply and drive up international benchmarks. Local refineries, he said, are likely to adjust prices in response to those global shifts.
No Immediate Scarcity, But Pressure Mounts
Industry stakeholders maintain that a nationwide fuel shortage is not imminent. However, they acknowledge that sustained volatility in the international oil market could keep upward pressure on domestic pump prices in the days ahead.
For Nigerian consumers already grappling with inflation and high transportation costs, the potential move toward ₦1,000 per litre underscores how global geopolitical crises continue to shape economic realities at home.
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