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BREAKING: Petrol Price Hits N960 in Abuja, N935 in Lagos Amid Middle East Crisis

Home - News - BREAKING: Petrol Price Hits N960 in Abuja, N935 in Lagos Amid Middle East Crisis
BREAKING: Petrol Price Hits N960 in Abuja, N935 in Lagos Amid Middle East Crisis
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  • March 3, 2026
Esther AwololaBy Esther Awolola - 5 months ago
0 44 3 minutes read

The escalating conflict involving the United States, Israel, and Iran has begun to take a toll on Nigerians, as filling stations across the country adjust pump prices of Premium Motor Spirit (PMS), also known as petrol.

Following a surge in global crude oil prices, the Dangote Refinery on Monday increased its gantry price by N100, raising the ex-depot rate to N874 per litre from N774.

In response, filling stations nationwide have adjusted pump prices.

In Abuja, some retail outlets operated by the Nigerian National Petroleum Company Limited (NNPCL) raised pump prices to N960 per litre from N875.

Checks in Lagos, particularly along Ogunnusi Road, showed that NNPC stations were not dispensing fuel, while other marketers had already adjusted prices. For instance, a Bovas filling station increased its pump price from N835 to N935 per litre.

There are growing concerns that petrol prices may rise further, as the ongoing conflict—triggered by recent joint U.S.–Israeli strikes on Iran—continues to escalate. Iran has since launched retaliatory attacks on U.S. military bases and interests across the Middle East, including in the UAE, Qatar, Bahrain, and Saudi Arabia.

The development has disrupted global oil supply, pushing crude prices upward. Brent Crude surpassed $80 on Monday and is currently trading at about $84.2 per barrel.

While higher crude prices could boost Nigeria’s oil revenues, they also translate to increased fuel costs domestically, raising concerns about inflation and broader economic strain.

Meanwhile, petroleum marketers under the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) have expressed concern over the crisis, warning that it could further destabilise Nigeria’s fuel market.

In a statement signed by its National Public Relations Officer, Joseph Obele, the association said the geopolitical tensions are already sending shockwaves through global energy markets.

Speaking in Abuja, PETROAN’s National President, Billy Gillis-Harry, described the situation as a major threat to energy-importing countries like Nigeria. He noted that instability around the strategic Strait of Hormuz—a critical global oil transit route—has heightened uncertainty in the international petroleum market.

According to him, about 20 per cent of the world’s crude oil and a significant share of global liquefied natural gas shipments pass through the Strait daily, making any disruption a serious risk to global supply chains.

He added that recent hostilities have impacted energy infrastructure and maritime operations, with ripple effects on global oil benchmarks. Analysts warn that crude prices could exceed $100 per barrel if tensions persist or shipping through the Strait is significantly disrupted.

The marketers warned that Nigeria’s dependence on imported refined petroleum products makes it particularly vulnerable to such external shocks.

“With the deregulation of the downstream sector, pump prices are largely determined by global crude oil prices and foreign exchange rates. Any sustained increase in crude prices will inevitably reflect at the retail level,” Gillis-Harry said.

He further noted that beyond rising fuel prices, Nigeria could face increased pressure on foreign exchange reserves, higher transportation costs, and worsening inflation if the crisis continues.

PETROAN called on the Federal Government of Nigeria to urgently strengthen domestic refining capacity as a buffer against global volatility.

The association stressed the need for consistent crude oil supply to local refineries and policies to ensure optimal performance of refining facilities nationwide.

It also advocated sustained implementation of the Naira-for-Crude policy to reduce dependence on foreign exchange for fuel imports and help stabilise local prices.

Additionally, PETROAN urged the government to accelerate the rehabilitation and full operation of Nigeria’s four state-owned refineries, noting that doing so would reduce import dependence and shield the economy from external shocks.

The association assured Nigerians of its commitment to monitoring global market trends and engaging relevant stakeholders to protect consumers from excessive price volatility, while also calling for peaceful resolution of conflicts in major oil-producing regions.

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