Petrol Prices Jump 13% in 48 Hours, MRS, AP, Other Filling Stations Release New Rate
- Petrol prices in Nigeria surged 13% following a global crude oil price rally
- Diesel costs increased significantly, straining operations for businesses reliant on generators
- Experts warn that fuel price hikes could reverse recent inflation gains in Nigeria
Pascal Oparada is a journalist with Legit.ng, covering technology, energy, stocks, investment, and the economy for over a decade.
Petrol prices across Nigeria have jumped by about 13 per cent within just two days, after a sharp rally in global crude oil forced major industry players to review their rates.
The immediate trigger was a sudden spike in international oil prices, which pushed crude above 80 dollars per barrel.
Source: Getty Images
In response, the 650,000-barrel-per-day Dangote Petroleum Refinery suspended petrol loading operations at midnight on March 2 before announcing a new ex-depot price of N874 per litre, up from N774.
Petrol increases by N100 per litre
The N100 increase signalled a swift adjustment to rising replacement costs.
The impact filtered quickly through the market. Retail outlets operated by MRS, Ardova Plc (AP), and Nigerian National Petroleum Company Limited began implementing new pump prices in several locations.
Private depots also reacted, with some suspending sales briefly over concerns about selling below replacement cost.
By Tuesday, March 3, 2026, marketers were quoting between N925 and N940 per litre in parts of Abuja and Lagos, reflecting heightened volatility in supply channels.
Diesel prices spike as well
The surge has not been limited to petrol. The refinery also raised its ex-depot price of Automotive Gas Oil, commonly known as diesel, by N170 per litre, from N880 to N1,050.
Even before the official announcement, diesel prices had been trending upward across private depots, with average ex-depot rates hovering near N1,150 per litre.
For manufacturers, hospitals, logistics firms, and small businesses dependent on generators, the increase adds immediate strain to operating costs.
With unreliable grid power still a concern in many areas, diesel remains critical to keeping businesses running. Any upward shift in its price often ripples through supply chains and consumer goods.
Inflation gains under threat
The timing of the fuel price surge is particularly delicate. Nigeria had recently recorded ten straight months of easing inflation, with the headline rate slowing to 15.10 per cent in January 2026, its lowest level in over five years.
Food inflation had also moderated, offering some relief to households.
However, experts warn that higher fuel prices could reverse those fragile gains. Energy costs influence transportation, food distribution, and manufacturing. When petrol and diesel rise, the knock-on effects typically show up in market prices within weeks.
Economists caution that deregulated pricing means Nigeria is now directly exposed to international oil movements. Without a subsidy buffer, pump prices respond almost immediately to global shifts.
Middle East conflict drives oil rally
The global oil spike traces back to escalating hostilities in the Middle East. Military strikes by the United States and Israel reportedly killed Iran’s Supreme Leader, Ali Khamenei, triggering retaliatory attacks across the region.
Tensions intensified around the Strait of Hormuz, a vital shipping corridor that handles roughly one-fifth of global seaborne oil. Disruptions to tanker traffic sent shockwaves through energy markets.
Brent crude, which had traded around 72 dollars days earlier, surged past 83 dollars, with intraday highs nearing 85.
Analysts warn that a prolonged conflict could push prices significantly higher, especially if exports from Gulf producers are interrupted for weeks.
Analysts warn of N1,000 petrol
Industry stakeholders say pump prices could climb further if crude continues its upward march.
Representatives of the Independent Petroleum Marketers Association of Nigeria have projected that rates in the Federal Capital Territory could approach N980 to N1,000 per litre, depending on logistics costs.
Source: Getty Images
Economist Paul Alaje recently noted that sustained geopolitical tension could see petrol cross the N1,000 threshold before the end of April.
He added that diesel and aviation fuel would likely rise in tandem, affecting transport fares and air ticket prices nationwide.
For now, supply remains steady, and marketers are urging consumers to avoid panic buying.
Yet the speed of the latest adjustment highlights a new reality: in a fully deregulated market, global shocks can reach Nigerian filling stations in less than 48 hours.
Petrol depot prices surge near N1,000 per litre
Legit.ng earlier reported that petrol depot prices across Nigeria have surged close to N1,000 per litre, triggering fresh concerns among motorists and businesses already battling rising costs.
Findings from PetroleumPriceNG on Tuesday, March 3, 2026, show that private depot prices have moved from the N800 range to above N900 per litre within days.
The sharp increase followed a new gantry price adjustment announced by the Dangote Petroleum Refinery on Monday, March 2.
Source: Legit.ng
