Middle East Strikes Spark Global Fuel Shock – Nigeria’s PMS Prices Soar 49%

Strikes against Iran on February 28, 2026 triggered major disruptions to regional oil infrastructure and tanker traffic through the Strait of Hormuz. Global crude jumped from about $72 to over $110 per barrel by mid-March, reflecting sharp volatility. In liberalised markets like Nigeria, retail Premium Motor Spirit (PMS) prices climbed by 48.7%. Prices rose from about ₦774 per litre to between ₦1,200 and ₦1,500 in many areas. In contrast, heavily subsidised producers such as Saudi Arabia, Venezuela, Iraq and others kept domestic pump prices flat. Smaller adjustments appeared in the UAE (+6.4%) and Qatar (+2.7%). Overall, most oil-producing countries saw petrol costs hold steady or increase. If the Middle East conflict eases, prices may moderate. Otherwise, volatility could drive further hikes.

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