Nigerian petroleum marketers and retailers have said the retail price of Premium Motor Spirit (PMS) will go up from 3rd and 4th March, 2026.
This followed Dangote Refinery’s hike in the gantry price of petrol on Monday.
The $20 billion refinery increased the fuel gantry price to N874 per liter due to the Iran-United States-Israel war, which triggered crude oil price hike.
Amid the global crude oil price volatility, Dangote Refinery adjusted its domestic petrol by at least N75.
The Iran-US-Israel conflict escalation comes after the latter eliminated Iranian leaders, including Ayatollah Ali Khamenei, in a strike on Friday night.
Iran had responded with an attack on US allies in the Middle East, including Saudi Arabia.
Iran attacked oil installations in Saudi Arabia and Qatar on Monday, leading also to the suspension of shipping operations in the Strait of Hormuz.
Saudi Arabia’s largest refinery, the Saudi Aramco facility in Ras Tanura, was hit by an Iranian drone and led to its shutdown.
Similarly, the Iranian attack on QaterEnergy, which led to the suspension of LNG production on Monday, may worsen the global gas market.
As of Monday, crude oil rose to $78.50 and $71.84 per barrel for Brent and West Texas Intermediate, respectively.
On the aspect of gas, Goldman Sachs said if the crisis in the Middle East persists, LNG to Europe and Asia may rise to $25 per million British thermal units (MMBtu).
Retail fuel stood at N870 and N899 per liter on Monday night.
However, a manager at the Dangote-backed MRS filling station in Abuja said a new retail price would be implemented by Tuesday.
Reacting, the spokesperson of the Independent Petroleum Marketers Association of Nigeria, Chinedu Ukadike, and the National President of the Petroleum Products Retail Outlets Owners Association of Nigeria, Billy Gillis-Harry, said that part of the ripple effect of the Iran-US-Israel conflict is that domestic petrol prices will skyrocket because of rising crude oil prices.
On his part, Ukadike said retail petrol price would increase to as much as between N980 and N1,000 per liter from around N899 and N870 in the Federal Capital Territory and its environs.
“There will be price fluctuation and increase. That is the ‘gain’ we are getting from the Iran-US-Israel war.
“Although, we have surpassed the issue of scarcity.
“Because crude oil in the international market is going up, so, in line with that standard, Dangote has increased their price this evening.
“The pump price will depend on the transportation and logistics. It will cost about N980 to N1,000.
“There should be no panic buying. We are sure that Dangote will continue to supply petroleum products. The federal government will continue to supply them crude oil in naira.
“As it is now, you will find that vessels carrying crude oil from one nation to another will be very, very difficult to move, especially in the Gulf area, which will definitely put pressure on the world supply of crude,” he told DAILY POST.
On his part, Billy Gillis-Harry blamed the ongoing hostilities in the Middle East for the domestic petrol hike.
“Well, it’s very easy to understand. You know that crude oil price is rising as hostilities are escalating in the Middle East.
“Iran being a major supplier of crude oil, if there are disruptions in operations, they are obviously going to affect global crude prices.
“And prices will hike. So it won’t surprise me that our local refineries in Nigeria will immediately respond to that by hiking prices,” he said.
