Fuel prices have surged across Nigeria, triggering fresh concerns about possible scarcity as major marketers adjust their pump rates.
The spike follows a new price review by the Dangote Petroleum Refinery, which raised its Premium Motor Spirit (PMS) gantry price to ₦874 per litre, up from ₦774. The refinery attributed the adjustment to volatility in the global crude oil market. Earlier in late 2025 and early 2026, it had reduced prices — including a cut to ₦699 per litre in December 2025 — in a move aimed at boosting competitiveness.
Across filling stations monitored on Tuesday, petrol was selling between ₦915 and ₦930 per litre, with some outlets charging even higher. On March 4, 2026, the Nigerian National Petroleum Company increased its pump price to ₦937 per litre. Other marketers also followed suit: Jezco raised its price to ₦915, Javy to ₦930, and Petrocam to ₦935 per litre.
The National Publicity Secretary of the Independent Petroleum Marketers Association of Nigeria, Chinedu Ukadike, confirmed that retail prices could soon range from ₦980 to over ₦1,000 per litre, depending on location and logistics costs.
Industry analysts link the increases to instability in international crude oil prices and shifts in global supply fundamentals, which have affected replacement costs throughout the downstream value chain. Pricing updates have already been reflected across depots, according to petroleumprice.ng.
In a notice to customers, the refinery stated that PMS remains available at ₦874 per litre, thanking marketers for their continued patronage.
The upward review came shortly after the refinery temporarily suspended petrol loading operations from midnight on March 2, 2026, following a surge in global crude prices above $80 per barrel. While PMS loading was paused, diesel supply continued uninterrupted. Several depot owners also halted sales to reassess their replacement costs.
Meanwhile, JPMorgan Chase has warned that Brent crude prices could rise as high as $120 per barrel if tensions in the Middle East persist and disrupt oil flows through key shipping routes. The bank noted that Gulf producers might only sustain normal output for about 25 days before storage capacity constraints force broader production cuts.
Reacting to the development, Nigerian activist Deji Adeyanju criticised businessman Aliko Dangote over the price hike. He questioned why Nigerians should face sharp increases allegedly linked to the conflict in Iran, especially as the refinery sources crude locally and purchases it in naira under an arrangement approved by the Nigerian National Petroleum Company.
Adeyanju argued that much of the fuel currently in circulation was refined before the recent escalation in the Gulf region and therefore should not reflect new geopolitical costs. He further alleged that the refinery’s dominant position in the market limits government intervention, accusing it of exploiting wartime instability to raise prices amid widespread economic hardship.
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