The price of fuel has jumped in the last 24 hours as analysts predict more hike and scarcity in the price of Premium Motor Spirit (PMS) in Nigeria.

As of early March 2026, the Dangote Petroleum Refinery has increased its petrol (PMS) gantry price to ₦874 per litre from ₦774, citing volatility in global crude oil markets. This adjustment follows a period of reductions earlier in 2026 and late 2025 aimed at providing competitive pricing, including a drop to ₦699 in December 2025.

In some filling stations monitored by The Guardian, the product is being sold between N915 and N930, while others sell above.

Today, March 4, 2026, NNPC has increased to N937 while Jezco increased to N915, Javy increased the product to N930 per litre and Petrocam increased to N935.

The National Publicity Secretary of the Independent Petroleum Marketers Association of Nigeria, Chinedu Ukadike, confirmed the likely retail price following the increase by Dangote, the pump price will likely range between N980 and over N1,000 per litre, depending on location and logistics.

It’s said that the Increase is being driven by volatility in the international crude oil market and changes in global crude fundamentals and replacement costs.

Checks by petroleumprice.ng also showed that the revised rate had been reflected across the downstream value chain, indicating a shift in pricing benchmarks. In a notice to marketers, the refinery stated:

“Dear Valued Customer, we are pleased to inform you that PMS is currently available for purchase. Please be informed that the current price Is N874 per litre. Thank you for choosing Dangote.”

The increase followed a temporary suspension of petrol loading operations at the refinery effective midnight on March 2, 2026, after global crude oil prices surged above $80 per barrel. While petrol loading paused, Automotive Gas Oil (diesel) continued to be supplied.

Several depot owners also suspended petrol sales to reassess replacement costs.

JPMorgan Chase has projected that Brent crude could climb to $120 per barrel if a prolonged Middle East conflict continues to disrupt oil flows through the strait. The bank noted that Gulf producers could maintain normal output for only about 25 days before storage facilities reach capacity, forcing a broader production shutdown.

Responding, Nigerian activist, Deji Adeyanju criticized Aliko Dangote for the sharp increase.

He said Dangote hiked the pump price of fuel by over 100%, due to the war in Iran. Yet, the Dangote Refinery purchases crude oil domestically from Nigeria, and the President even approved that the Nigerian National Petroleum Company (NNPC) sell crude oil to the Dangote Refinery in naira.

“What I find even more troubling is the fact that the products currently being supplied were refined long before the recent escalation of hostilities in the Gulf region. Why then should Nigerians bear the burden of a price increase tied to events that did not affect the cost of already-refined stock?

“Sadly, because the refinery operates in a near-monopoly position, the government appears either unwilling or unable to call it to order. This amounts to unprecedented wickedness, as the Dangote Refinery appears to be profiting from the misfortune of war at the expense of already impoverished Nigerian citizens.” (The Guardian)

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