Petrol Prices Near N1,000 as NNPC Adjusts Pump Price

On Wednesday, March 4, 2026, the Nigerian National Petroleum Company Limited (NNPC) adjusted its pump price to ₦937 per litre, while major independent marketers like Petrocam and Javy followed suit, pricing the product at ₦935 and ₦930, respectively. The price hike is being driven by the escalating war between the United States, Israel, and Iran, which has sent global crude oil benchmarks spiralling.

The Dangote Petroleum Refinery set the pace for the current rally by increasing its petrol (PMS) gantry price to ₦874 per litre, a significant jump from the ₦774 rate seen earlier this week. In a notice to marketers, the refinery cited “volatility in global crude fundamentals and replacement costs” as the primary reasons for the adjustment. This move triggered a nationwide chain reaction, with the Independent Petroleum Marketers Association of Nigeria (IPMAN) warning that retail prices in many locations will inevitably hit ₦1,000 per litre due to added logistics and transportation costs.

The disruption to supply was felt almost immediately after the refinery temporarily suspended petrol loading at midnight on March 2. This followed a surge in global Brent crude prices, which hit $84 per barrel after reports confirmed the death of Iranian Supreme Leader Ayatollah Ali Khamenei. While diesel (AGO) loading continued, the pause in petrol distribution led several private depot owners to halt sales, fearing they would be unable to restock at current prices.

The price hike has drawn sharp criticism from civil society. Activist Deji Adeyanju slammed Aliko Dangote, accusing the refinery of “profiting from the misfortune of war.” Adeyanju argued that because the refinery purchases crude locally in Naira and the current stock was refined before the Gulf hostilities began, the 100% price increase (relative to late 2025 lows) is unjustified. He further noted that the refinery’s “near-monopoly” leaves impoverished Nigerians with no alternative but to bear the burden of international geopolitical shocks.

Financial experts at JPMorgan Chase have warned that the situation could worsen if the conflict persists for more than three weeks. They project that Brent crude could hit $120 per barrel if the Strait of Hormuz, the world’s most critical oil chokepoint, remains effectively closed to commercial shipping. For Nigeria, which, despite its refining capacity, still links domestic prices to global benchmarks, this “conflict” threatens to drive inflation to new highs and trigger a fresh wave of fuel scarcity as marketers struggle with replacement costs.