United States–Iran conflict fuels fuel shock in Nigeria as petrol nears ₦950 per litre
written Story written by springnewsng March 3,2206
Nigerians are grappling with another surge in petrol prices as escalating hostilities involving the United States, Israel, and Iran ripple through the global oil market, pushing domestic pump prices close to ₦950 per litre.
The sharp increase follows the decision by Dangote Refinery to raise its gantry price of Premium Motor Spirit to ₦874 per litre—an increase of ₦100—effective Tuesday and Wednesday, March 3 and 4. Petroleum marketers say the adjustment is a direct consequence of rising crude oil prices triggered by the ongoing Middle East conflict.
With added transportation costs and retailer margins, motorists in major cities including Lagos, Abuja, and Port Harcourt are already paying close to ₦950 per litre at filling stations.
The latest hike comes just weeks after a brief relief in February 2026, when Dangote Refinery cut its ex-depot price from ₦799 to ₦774 per litre, easing pressure on consumers hit by naira depreciation and high import costs. That short-lived reprieve has now been wiped out by global developments.
Hormuz tensions drive price spike
The renewed pressure on fuel prices stems from fears of supply disruption after clashes erupted over the weekend. The United States and Israel launched coordinated strikes on Iran under an operation Washington said targeted nuclear-related facilities. Iran’s swift response heightened concerns around oil flows through the Strait of Hormuz, a critical route for global crude supply, sending prices sharply higher.
Analysts warn that unless tensions ease, Nigerians may face prolonged fuel price volatility, with knock-on effects for transport fares, food prices, and overall inflation.
