Petrol prices across Nigeria are expected to increase from Tuesday and Wednesday, March 3 and 4, 2026, following a hike in the gantry price of Premium Motor Spirit by Dangote Refinery.

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

Industry sources said the adjustment, estimated at about N75 per litre, is already filtering into the retail market, with filling stations preparing to review pump prices upward.

The price hike comes amid heightened tensions in the Middle East following the killing of Iran’s Supreme Leader, Ali Khamenei, and subsequent retaliatory attacks on U.S. allies in the region.

Iranian strikes reportedly affected oil and gas facilities in Saudi Arabia and Qatar, including the Saudi Aramco facility in Ras Tanura and QatarEnergy, leading to production disruptions and shipping delays in the Strait of Hormuz.

As of Monday, Brent crude traded at about $78.50 per barrel, while West Texas Intermediate stood at $71.84.

Investment firm Goldman Sachs warned that prolonged instability could push liquefied natural gas prices to as high as $25 per MMBtu in Europe and Asia.