The average price of gasoline at Nigerian fuel stations rose from around 860 naira per liter to 970 naira per liter ($0.70 per liter or $2.65 per U.S. gallon) in the first few days of March, a close to 13% increase, after the country's Dangote refinery increased the price of its gantry by 100 naira per liter, BusinessDay reported on March 4. Nigerian media outlets also reported that the price of cooking gas had risen from around 800 naira per kilo in late February to between 885 and 950 depending on the provider as of March 4.

The United States and Israel began bombing Iran on Feb. 28, triggering a wider conflict in the Middle East that prompted Brent oil prices to increase from around $72 per barrel on Feb. 27 to $82 per barrel as of March 4. Nigeria's 2026 budget — which has yet to be approved — assumes that oil prices will average $64 a barrel and that the country's total oil output will stand at 1.84 million barrels per day. In January, Nigeria's average total oil output of crude oil and condensates stood at 1.63 million barrels per day in January. Inflation stood at 15.1% in January, down from 24.5% 12 months prior.