|By Babatunji Wusu
Nigerians will begin paying more for Premium Motor Spirit (PMS) from Tuesday and Wednesday, March 3 and 4, 2026, as petroleum marketers confirmed an imminent surge in pump prices following a fresh hike by Dangote Refinery.
The development came after Dangote Refinery raised its gantry price of petrol to N874 per litre on Monday, citing volatility in the global crude oil market triggered by the escalating Iran–United States–Israel conflict. The $20 billion facility adjusted its domestic petrol price upward by at least N75 in response to rising crude benchmarks.
The Middle East crisis deepened after Israeli forces reportedly eliminated top Iranian leaders, including Ayatollah Ali Khamenei, in a strike on Friday night. Iran retaliated by targeting US allies in the region, launching attacks on oil installations in Saudi Arabia and Qatar on Monday.
The strikes disrupted operations at major energy facilities. Saudi Arabia’s largest refinery, the Saudi Aramco plant in Ras Tanura, was hit by an Iranian drone, forcing a shutdown. In Qatar, QaterEnergy suspended liquefied natural gas production following similar attacks, compounding fears of a broader supply shock. Shipping activities in the Strait of Hormuz were also halted, tightening global crude movement.
The geopolitical tension immediately rattled international oil markets. As of Monday, Brent crude climbed to $78.50 per barrel, while West Texas Intermediate traded at $71.84 per barrel. Goldman Sachs warned that if hostilities persist, LNG prices to Europe and Asia could spike to $25 per million British thermal units.
In Nigeria, the ripple effect has been swift. Retail petrol prices hovered between N870 and N899 per litre on Monday night. However, a manager at the Dangote-backed MRS filling station in Abuja disclosed that a new pump price would take effect from Tuesday.
The Independent Petroleum Marketers Association of Nigeria (IPMAN) and the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) confirmed that higher crude oil prices would inevitably translate into steeper domestic fuel costs.
IPMAN spokesperson, Chinedu Ukadike, projected that pump prices in the Federal Capital Territory and surrounding areas could jump to between N980 and N1,000 per litre.
“There will be price fluctuation and increase. That is the outcome of the Iran–US–Israel war,” Ukadike said, noting that while supply remains stable, logistics and transportation costs would influence final retail prices.
He urged motorists to avoid panic buying, expressing confidence that Dangote Refinery would sustain supply, especially with the Federal Government’s continued crude allocation in naira.
Ukadike further warned that disruptions in crude shipments across the Gulf region would exert additional pressure on global supply chains, reinforcing upward price momentum.
On his part, PETROAN National President, Billy Gillis-Harry, attributed the anticipated hike directly to the escalating Middle East hostilities.
“Iran is a major crude supplier. Any disruption in its operations will automatically impact global crude prices, and local refineries will respond accordingly,” he stated.
With international crude benchmarks climbing and regional instability persisting, industry operators say Nigerian consumers should brace for higher pump prices in the coming days, even as supply shortages appear unlikely for now.
