The escalating conflict between the US, Israel and Iran which has nearly shut down the Middle East has started taking its tolls on Nigerians as filling stations have started adjusting pump price of premium motor spirit (PMS) otherwise known as petrol.
Nigerian petroleum marketers and retailers announced that the retail price of Premium Motor Spirit will increase starting Tuesday and Wednesday, March 3 and 4, following Dangote Refinery’s decision to raise its gantry price to N874 per litre, a N100 jump, directly attributable to the Iran-US-Israel conflict.
In response to this, filling stations immediately adjusted pump prices across the country.
In Abuja, some retail stations belonging to the Nigerian National Petroleum Company Limited (NNPCL) adjusted pump price to N960 from N875.
Checks in Lagos along Ogunnusi Road indicated that none of the NNPC stations was dispensing but other filling stations had adjusted pump price to reflect the new price.
For instance a Bovas filling station increased its pump price from N835 per litre to N935
The price shock arrives barely weeks after a rare reprieve. Dangote had reduced its ex-depot rate from N799 to N774 per litre in February 2026, offering temporary relief to motorists battered by months of naira weakness and import costs. That relief has now been fully reversed and then some.
There are fears prices of PMS would increase further as there is no end in sight to the conflict in Iran which was fuelled by the Saturday’s attacks on Iran by US-Israel in a joint strike which claimed the live of Iran’s Supreme Leader Ayatollah Khamenei.
Iran had responded with ceaseless attacks on US military bases and interests in neighbouring Middle East countries including UAE, Qatar, Bahrain, Saudi Arabia, among others.
The development has disrupted global oil supply with crude oil prices recording sharp increases across board.
Brent Crude surpassed $80 on Monday and it currently trades at $84.2 per barrel.
While this implies increased revenue from oil receipts for Nigeria, Nigerians are also going to pay more for PMS; the development which threatens to worsen inflation and economic shocks for Nigerians.