Dangote Refinery Jacks Up Petrol Price to ₦875 After US-Iran Conflict Triggers Global Crude Surge; Depot Sales Halted Nationwide

The shockwaves from the Middle East have hit Nigerian gas stations. On Monday, March 2, 2026, the Dangote Petroleum Refinery officially increased its ex-depot petrol price to ₦875 per litre, ending a period of relative price stability. The ₦101-per-litre hike comes as the global oil market reels from the explosive U.S.-Israel military strikes on Iran, which have sent crude prices soaring toward the $90 mark.

The refinery took the drastic step of suspending all petrol loading operations at midnight to adjust to what officials call “violent volatility” in crude fundamentals. While diesel trucks were allowed to continue loading, the halt on petrol sent a ripple of panic through the downstream sector. By Monday afternoon, several private depot owners across Nigeria had followed suit, stopping sales entirely to avoid selling stock below the new replacement cost.

“The revision became necessary because the world changed overnight,” a senior refinery official confirmed. “With the Strait of Hormuz effectively a no-go zone and global benchmarks jumping by nearly 10%, we cannot maintain a ‘State of Harmony’ in local pricing while the raw material costs are exploding.”

The timing is a heavy blow for Nigerian consumers who had enjoyed a price drop to ₦774 just weeks ago. With the new ₦875 gantry price, energy analysts predict that retail pump prices could soon cross the ₦1,000 mark in distant northern states and outlying regions once transportation and logistical margins are added.

As the “Epic Fury” operation in the Middle East continues to disrupt major supply chains—including reports of attacks on Saudi and Qatari energy facilities—the Dangote Refinery is warning that prices could remain unstable for the foreseeable future. For the average Nigerian, the message is clear: the cost of the conflict in the Gulf is being measured in every litre of fuel bought at home.