Petrol prices across Nigeria are expected to increase from Tuesday and Wednesday, March 3 and 4, following a hike in the gantry price of Premium Motor Spirit (PMS) by Dangote Refinery.

The $20 billion refinery on Monday raised its ex-depot price to N874 per litre, up by about N75, citing rising global crude oil prices triggered by the escalating conflict involving Iran, the United States and Israel.

The development comes amid heightened volatility in the international oil market. As of Monday, Brent crude rose to $78.50 per barrel, while West Texas Intermediate traded at $71.84 per barrel. Attacks on oil facilities in the Gulf region and disruptions to shipping through the Strait of Hormuz have intensified supply concerns.

Industry sources said retail petrol prices, which stood between N870 and N899 per litre in parts of the country on Monday night, could climb further in the coming days. A manager at a Dangote-backed MRS filling station in Abuja confirmed that new pump prices would take effect from Tuesday.

The spokesperson of the Independent Petroleum Marketers Association of Nigeria, Chinedu Ukadike, said the increase was inevitable given rising crude prices. He projected that petrol could sell for between N980 and N1,000 per litre in the Federal Capital Territory and surrounding areas.

“There will be price fluctuation and increase. Because crude oil in the international market is going up, Dangote has adjusted its price. The pump price will depend on transportation and logistics,” Ukadike said, urging motorists not to engage in panic buying.

Similarly, Billy Gillis-Harry, National President of the Petroleum Products Retail Outlets Owners Association of Nigeria, attributed the hike to global supply uncertainties. He noted that any disruption involving major oil-producing countries would naturally push prices upward.

The price adjustments follow reports of military strikes and counter-attacks in the Middle East, including damage to key oil and gas installations in Saudi Arabia and Qatar, raising fears of prolonged supply disruptions.

Market analysts warn that if the crisis persists, global energy prices could climb further, placing additional pressure on domestic fuel costs in import-dependent and refining economies alike.