Nationwide petrol price hike to hit Nigerians

Nigerian petroleum marketers and retailers say the retail price of Premium Motor Spirit will go up from today, Tuesday and Wednesday, 3rd and 4th March, 2026.

This followed Dangote Refinery’s hike in the gantry price of petrol on Monday.

DAILY POST reports that 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.

DAILY POST reports that 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).

DAILY POST reports that 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.