IN what appears to be the first major fallout of US-Iran war in Nigeria Dangote Petroleum Refinery has increased its Premium Motor Spirit (PMS) gantry price by N100, bringing the ex-depot rate to N874 per litre from the previous N774.
Consequently, retail outlets across the country are already adjusting to the new price.
Economic watchers say the rise was a result of a spike in global oil prices occasioned by the United States and Israel’s attack on Iran.
Already, there is a global disruption in oil supply with many Saudi refineries and several others shut following the effects of the conflict, which has spread within the Middle East.
The price hike also followed the refinery’s suspension of petrol loading operations, effective midnight on March 2, 2026, after international crude oil prices surged past $80 per barrel overnight.
A senior refinery official confirmed the adjustment on Monday, March 2, explaining that the move was necessary due to recent volatility in global crude oil markets.
“Yes, the price has been reviewed. The new gantry price is now N874 per litre, up from N774. The revision became necessary due to changes in global crude fundamentals and replacement costs,” the official who does not want his name in publication said.
Checks on petroleumprice.ng also confirmed that the new pricing had already been implemented, signaling a shift in downstream benchmarks that will likely affect petrol retail prices across the country.
Industry data showed that PMS loading and issuance of proforma invoices were temporarily halted, although the suspension applied only to petrol, while Automotive Gas Oil (diesel) continued to load uninterrupted.
The refinery’s move triggered a ripple effect across Nigeria’s downstream sector, with several private depot owners halting petrol sales during the trading day.
“Several depot owners suspended PMS sales because of the crude rally. The market is already factoring in risk premiums. Nobody wants to sell below replacement cost,” a downstream operator stated.
The ICIR reported that American forces launched “major combat operations” against Iran, and the country’s Supreme Leader, Ayatollah Ali Khamenei, and some of his key officials were confirmed dead in the attacks.
The US President Donald Trump said the joint US-Israeli offensive could last at least four weeks, as a senior White House official confirmed “Operation Epic Fury” would continue despite signals from the new Iranian leadership, suggesting a willingness to talk.
Harrison Edeh is a journalist with the International Centre for Investigative Reporting, always determined to drive advocacy for good governance through holding public officials and businesses accountable.