Fresh concerns over fuel scarcity and further price hikes have emerged across Nigeria as petrol prices surged sharply within the last 24 hours, with the Nigerian National Petroleum Company (NNPC) and private marketers adjusting pump prices upward.

Market checks on Tuesday showed that the Dangote Petroleum Refinery raised its Premium Motor Spirit (PMS) gantry price to ₦874 per litre from ₦774, attributing the increase to volatility in global crude oil markets. The latest adjustment comes after a series of price reductions earlier in 2026 and late 2025, including a drop to ₦699 per litre in December 2025 aimed at easing consumer pressure.

Findings at several filling stations monitored by The Guardian revealed that petrol is now retailing between ₦915 and ₦930 per litre in some outlets, while others sell above that range. On March 4, 2026, NNPC outlets reportedly raised pump prices to ₦937 per litre, while Jezco sold at ₦915, Javy at ₦930, and Petrocam at ₦935 per litre.

Confirming the trend, the National Publicity Secretary of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Chinedu Ukadike, said the pump price of petrol could soon rise to between ₦980 and above ₦1,000 per litre, depending on location, logistics and supply dynamics.

Industry analysts attributed the increases to instability in the international crude oil market, changes in global oil fundamentals and rising replacement costs. Data from petroleumprice.ng showed that the revised rates had already cascaded through the downstream value chain, signalling a shift in pricing benchmarks nationwide.

In a notice to marketers, the Dangote Refinery announced the new price, stating: “Dear Valued Customer, we are pleased to inform you that PMS is currently available for purchase. Please be informed that the current price is ₦874 per litre.”

The price hike followed a temporary suspension of petrol loading operations at the refinery from midnight on March 2, 2026, after global crude prices climbed above $80 per barrel. While PMS loading was halted, supplies of Automotive Gas Oil (diesel) reportedly continued. Several depot owners also suspended petrol sales to reassess replacement costs amid the volatility.

Meanwhile, JPMorgan Chase warned that Brent crude prices could soar to $120 per barrel if prolonged conflict in the Middle East disrupts oil shipments through key routes. The bank noted that Gulf producers could sustain normal output for only about 25 days before storage constraints force broader production shutdowns.

Reacting to the development, activist Deji Adeyanju criticised Aliko Dangote, accusing the refinery of exploiting the crisis. He argued that despite claims of global market pressures, the refinery sources crude domestically and benefits from a federal approval allowing crude sales to it in naira.

Adeyanju further contended that the petrol currently being sold was refined before the recent escalation of hostilities in the Gulf, questioning the justification for passing the cost of international conflicts onto Nigerian consumers. He described the situation as unfair, alleging that a near-monopoly in the market has left consumers exposed to sharp price increases at a time of widespread economic hardship.