Petrol Price Set to Hit N1,000 as Dangote Refinery Raises Gantry Rate Amid Middle East Oil Crisis
Petroleum marketers and fuel retail outlet operators across Nigeria have indicated that the pump price of Premium Motor Spirit is set to increase from Tuesday and Wednesday, March 3 and 4, 2026, following a fresh adjustment at the refinery level.
The development comes after the $20 billion Dangote Refinery raised its petrol gantry price on Monday. Industry sources who spoke to PulseNets confirmed that the refinery reviewed its ex-depot rate upward to N874 per litre, citing heightened volatility in the global crude oil market triggered by the escalating Iran–United States–Israel conflict.
PulseNets learnt that the refinery’s latest adjustment represents an increase of at least N75 on its domestic petrol pricing structure.
The geopolitical tension intensified after reports emerged that Iranian leaders, including Ayatollah Ali Khamenei, were eliminated in a targeted strike on Friday night. Iran subsequently launched retaliatory actions against US allies in the Middle East, including Saudi Arabia.
Energy market analysts told PulseNets that Iranian drone attacks targeted oil infrastructure in Saudi Arabia and Qatar on Monday, disrupting operations and forcing a temporary halt in shipping activities through the Strait of Hormuz, a critical global oil transit corridor.
Among the facilities affected was the Saudi Aramco refinery in Ras Tanura, which was reportedly shut down after being hit. Similarly, operations at QatarEnergy were disrupted, leading to a suspension of liquefied natural gas production and raising fresh concerns over global gas supply stability.
As of Monday’s close, Brent crude traded at $78.50 per barrel, while West Texas Intermediate stood at $71.84 per barrel, reflecting renewed upward pressure on international oil benchmarks.
On the gas market outlook, investment bank Goldman Sachs projected that if hostilities in the Middle East persist, LNG prices to Europe and Asia could climb to $25 per million British thermal units.
Retail petrol prices across parts of Nigeria hovered between N870 and N899 per litre on Monday night. However, a station manager at a Dangote-affiliated MRS outlet in Abuja told PulseNets that a revised pump price would take effect from Tuesday.
Reacting to the development, 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, attributed the impending increase in domestic petrol prices to the ripple effects of rising global crude oil prices.
Ukadike told PulseNets that pump prices in the Federal Capital Territory and surrounding areas could rise to between N980 and N1,000 per litre, up from the current N870 to N899 range.
“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.”
Similarly, Billy Gillis-Harry told PulseNets that the current Middle East hostilities are directly influencing domestic fuel pricing.
“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.
Also Read: Imported Petrol Now Cheaper Than Dangote Refinery Fuel as Landing Cost Drops to ₦839.97
And prices will hike. So it won’t surprise me that our local refineries in Nigeria will immediately respond to that by hiking prices.”
Energy stakeholders who spoke to PulseNets maintain that while supply remains stable for now, sustained geopolitical instability in the Middle East could continue to exert upward pressure on both crude oil and domestic petrol prices in Nigeria.
