Dangote Refinery Hikes Petrol Gantry Price by N100 Amid Global Oil Spikes Linked to Middle East Conflict

Dangote Refinery raises petrol gantry price by N100 as global crude hits $79. Retail prices in Abuja jump to N960/litre following Middle East war tensions.

By: AXL Media

Published: Mar 3, 2026, 8:08 AM EST

Source: The information in this article was sourced from Premium Times Nigeria

Economic Fallout from Global Conflict

The ripple effects of the escalating war between the US/Israel and Iran have reached Nigeria's domestic fuel market. On Tuesday, March 3, 2026, officials from the Dangote Petroleum Refinery confirmed a significant adjustment to the facility's gantry price for Premium Motor Spirit (PMS). The price rose by N100, moving from N774 to N874 per litre. This move follows a dramatic 10% jump in Brent Crude prices at the start of the week, as energy markets reacted to the closure of the Strait of Hormuz the world's most critical transit point for crude oil.

Strategic Suspension of Loading

The price hike was preceded by a temporary halt in operations. On the night of March 2, 2026, the refinery suspended all petrol loading and the issuance of proforma invoices. This suspension allowed the facility to recalibrate its pricing model against the "replacement cost" of crude, which surged past $80 per barrel overnight. Private depot owners across Nigeria followed suit, pausing sales as they factored in the risk premiums associated with the regional instability in the Gulf countries.

Immediate Impact on Retail Prices

The effect on Nigerian motorists was instantaneous. In the Federal Capital Territory (FCT), Abuja, retail prices at major filling stations including NNPC and Conoil jumped from approximately N880 to N960 per litre within 24 hours. Attendants at these stations reported that new price tags were implemented early Tuesday morning following the notification of the refinery’s new ex-depot rates. Analysts suggest that if international oil prices continue their trajectory toward $90 per barrel, Nigerians could see retail petrol prices crossing the N1,000 mark.