Petrol prices across Nigeria are expected to rise sharply as global tensions between Iran, the United States, and Israel continue to shake international energy markets. The development comes after petroleum marketers and fuel retailers announced that Premium Motor Spirit prices would be adjusted upward starting March 3 and 4, 2026. The announcement followed a recent price adjustment by Dangote Refinery, which raised its gantry price for petrol to about N874 per litre. The decision was linked to the rising cost of crude oil triggered by the ongoing geopolitical crisis, which has kept global oil markets unstable and unpredictable.
The conflict escalated after reports of strikes targeting Iranian leadership figures, including Ayatollah Ali Khamenei, which prompted retaliatory actions from Iran against Western allies in the Middle East. Iran’s response reportedly included attacks on oil infrastructure in countries such as Saudi Arabia and Qatar. These attacks disrupted shipping movements around the Strait of Hormuz, a major global oil transit route. Major facilities also felt the impact, including the Saudi Aramco refinery in Ras Tanura, which was forced to temporarily shut down after a reported drone strike. At the same time, disruptions affecting QaterEnergy operations also raised concerns about the stability of global gas supply chains.
By Monday, crude oil prices had already started climbing, with Brent crude trading around $78.50 per barrel while West Texas Intermediate hovered around $71.84 per barrel. Analysts also warned that the crisis could push liquefied natural gas prices higher if tensions persist. Some forecasts suggested LNG prices in Europe and Asia could rise to about $25 per million British thermal units, further tightening energy markets worldwide. In Nigeria, fuel stations were already selling petrol between N870 and N899 per litre late Monday night, but industry insiders hinted that fresh adjustments were imminent.
Industry stakeholders have linked the expected price hike to international market pressures. Speaking on the development, representatives of petroleum marketers explained that Nigeria’s domestic fuel pricing remains closely tied to global crude oil trends. According to the spokesperson of the Independent Petroleum Marketers Association of Nigeria, Chinedu Ukadike, retail petrol could soon sell between N980 and N1,000 per litre in parts of the country, especially around Abuja and nearby locations. He explained that the situation was not primarily about scarcity but rather about rising production and import costs influenced by global events. He also assured consumers that fuel supply would likely remain stable as Dangote Refinery continues production and the government maintains crude supply arrangements in naira transactions.
Another industry voice, Billy Gillis-Harry, who serves as the National President of the Petroleum Products Retail Outlets Owners Association of Nigeria, also attributed the price pressure to the worsening Middle East conflict. He explained that Iran plays a major role in global crude oil supply, and any disruption in its operations can easily push international oil prices higher. He added that Nigerian refineries and fuel marketers typically adjust their prices in response to international market realities, making local price increases almost inevitable whenever global supply chains are threatened.
