Nigeria’s Dangote Petroleum Refinery has increased its Premium Motor Spirit (PMS) ex-depot price to ₦875 per litre, citing escalating global oil prices triggered by heightened tensions between the United States and Iran. The adjustment marks a significant ₦101 increase from the previous benchmark of ₦774 per litre and signals potential downstream price pressures for consumers nationwide.
A refinery spokesperson confirmed the revision, attributing the move to rising replacement costs for refined products and volatility in international crude markets. The refinery also temporarily suspended petrol loading operations from midnight on March 2, 2026, following crude prices climbing above $80 per barrel amid fears of supply disruptions in the Strait of Hormuz, a critical international shipping lane.
The price adjustment has triggered immediate responses across Nigeria’s petroleum distribution sector. Several private depot owners reportedly halted petrol sales temporarily, as marketers recalibrate prices to account for higher procurement costs. Industry analysts warn that continued global oil price increases could push pump prices closer to or above ₦1,000 per litre in some regions, depending on transportation and operational costs.
Market experts highlight that the surge in crude prices is directly linked to geopolitical uncertainty in the Middle East, particularly the escalating conflict between the U.S. and Iran. Rising shipping, insurance, and risk premiums are expected to feed into domestic fuel pricing, even as Nigeria expands its local refining capacity.
The hike underscores the fragility of global oil supply chains and illustrates how international conflicts can have immediate and tangible effects on domestic fuel markets in oil-dependent economies like Nigeria.
ELIJAH ADEYEMI
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