The price of Premium Motor Spirit (PMS), commonly known as petrol, has surged sharply across Nigeria, sparking concerns over a potential fuel scarcity. As of March 4, 2026, the National Petroleum Corporation (NNPC) increased its pump price to ₦937 per litre, leading a series of hikes by major marketers. Jezco, Javy, and Petrocam followed closely, selling petrol between ₦915 and ₦935 per litre, signaling a new high for consumers already grappling with rising living costs.
Analysts say the increase stems from volatility in the international crude oil market and adjustments in replacement costs. Dangote Petroleum Refinery recently raised its gantry price from ₦774 to ₦874 per litre, citing fluctuations in global oil fundamentals. This comes after periods of price reductions in late 2025 and early 2026, including a notable dip to ₦699 in December, aimed at easing fuel affordability for Nigerians.
Industry insiders warn that retail prices could climb even higher. Chinedu Ukadike, National Publicity Secretary of the Independent Petroleum Marketers Association of Nigeria (IPMAN), projected pump prices could reach between ₦980 and over ₦1,000 per litre depending on location and logistics. Several depot owners temporarily suspended petrol sales to reassess replacement costs, while diesel supply continued unaffected.
The spike coincides with geopolitical tensions in the Middle East, particularly Iran, which have pushed Brent crude prices beyond $80 per barrel. JPMorgan Chase forecasts prices could surge to $120 per barrel if conflict persists, further straining global supply chains. The Dangote Refinery also temporarily paused petrol loading operations on March 2, 2026, adding to local supply pressures despite its capacity to produce domestically refined crude.
The price hike has drawn criticism from Nigerian activists. Deji Adeyanju questioned why Nigerians are bearing the cost of a war-driven price increase on products refined before the Gulf crisis. He argued that the Dangote Refinery’s near-monopoly position, supported by government approvals for NNPC to sell crude domestically in naira, allows it to profit at the expense of ordinary citizens, calling the move “unprecedented wickedness.”
source: The Guardian