Dangote Refinery Hikes Petrol to ₦995 as U.S.-Iran War Sends Crude Costs Sky-High; Pump Prices May Hit ₦1,100 by Monday

Nigeria’s hope for cheap domestic fuel took another massive hit on Friday, March 6, 2026, as the Dangote Petroleum Refinery announced its second major price hike in a single week. The refinery’s gantry price for petrol has been adjusted to a record ₦995 per litre, up from ₦874, marking a dizzying ₦221 increase since Monday.

The refinery management “flipped the script” on the narrative of domestic price stability, explaining that the ongoing U.S.-Iran-Israel conflict has created a global energy emergency. With the Strait of Hormuz blocked and international crude prices flirting with the $100-per-barrel mark, the cost of sourcing raw materials has become unsustainable. “We have absorbed about 20% of the rising costs to cushion the blow for Nigerians,” a senior refinery official stated, “but we must align with global market realities to remain operational.”

The “State of Harmony” at the pumps was shattered almost immediately. Within hours of the 2:00 a.m. loading suspension at the Lekki-based facility, filling stations across the country began revising their signs. Independent marketers warned that by the time logistics and regional transport costs are added, Nigerians should expect to pay between ₦1,100 and ₦1,150 per litre at the pump.

This latest hike has reignited the “monopoly vs. competition” debate. Recent data suggests that imported petrol is currently landing at a lower cost than Dangote’s refined product, leading some critics to question the benefits of domestic refining if prices remain tied to volatile international benchmarks. As the 650,000-barrel-per-day giant struggles to insulate Nigeria from global supply shocks, motorists are bracing for a weekend of long queues and even longer price tags.