Hardship Intensifies: Petrol Reaches N1,300/Litre in Wake of Middle East Geopolitical Crisis
Nigerians are grappling with intensified economic strain as the pump price of Premium Motor Spirit (PMS), commonly known as petrol, has surged to around N1,300 per litre in many parts of the country. The sharp increase, reported nationwide on March 9–10, 2026, follows rapid adjustments by the Dangote Petroleum Refinery and independent marketers, triggered by escalating conflict in the Middle East involving the United States, Israel, and Iran. Global crude oil benchmarks have rallied sharply, with Brent crude surpassing $100 per barrel amid fears of supply disruptions. This volatility has directly impacted Nigeria's deregulated downstream sector, where local refineries and importers pass on international market realities. Dangote Refinery, the country's flagship domestic producer, raised its ex-depot price for petrol from N995 to N1,175 per litre in the latest adjustment—the fourth in under two weeks. Diesel followed suit, climbing to N1,620 per litre. Marketers purchasing at ...