Nigerian petroleum marketers have indicated that petrol prices will rise this week following Dangote Refinery’s increase in gantry price amid escalating Middle East tensions that have pushed up global crude oil prices.
Nigerian petroleum marketers and retailers have said the retail price of Premium Motor Spirit (PMS) is set to increase from Tuesday and Wednesday, March 3 and 4, 2026, following a hike in the gantry price by Dangote Refinery. DAILY POST reports that the $20 billion refinery raised its fuel gantry price to N874 per litre on Monday, citing rising crude oil prices triggered by the escalating conflict involving Iran, the United States and Israel. The refinery adjusted its domestic petrol price upward by at least N75 amid global crude volatility.
The escalation reportedly followed strikes that eliminated Iranian leaders, including Ali Khamenei, prompting retaliatory attacks by Iran on US allies in the Middle East, including Saudi Arabia. Iranian strikes targeted oil installations in Saudi Arabia and Qatar, leading to the suspension of shipping operations in the Strait of Hormuz. Saudi Arabia’s largest refinery, the Saudi Aramco facility in Ras Tanura, was reportedly hit by a drone, resulting in a shutdown, while an attack on QatarEnergy led to the suspension of LNG production.
As of Monday, crude oil prices rose to $78.50 per barrel for Brent and $71.84 for West Texas Intermediate. Investment bank Goldman Sachs warned that if the Middle East crisis persists, LNG prices to Europe and Asia could climb to $25 per million British thermal units (MMBtu). DAILY POST reports that retail fuel prices stood between N870 and N899 per litre as of Monday night, with further increases expected in the coming days.
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