The petrol depot price is expected to increase from N1,230 per litre to N1,350 per litre beginning July 17, following higher costs associated with imported fuel cargoes.
Industry sources disclosed that importers have already notified petroleum marketers of the revised petrol depot price, signalling that motorists across the country could soon pay more for Premium Motor Spirit (PMS) at filling stations. The adjustment comes after the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) issued fresh fuel import licences for the third quarter (Q3) of 2026, allowing selected marketers to import petrol and diesel between July and September.
According to market intelligence from Argus, companies approved to import petrol include AA Rano, AYM Shafa, Bono, NIPCO, and Pinnacle, while licences to import diesel were reportedly granted to AA Rano, AYM Shafa, Bono, Matrix, and Pinnacle. Industry observers linked the latest petrol depot price increase to the rising cost of imported fuel, driven partly by renewed tensions involving the United States and Iran, which have disrupted shipping activities through the Strait of Hormuz, a critical global oil transit route.
A source familiar with developments said the price adjustment runs contrary to expectations that expanding import licences would stimulate competition and help moderate domestic fuel prices. The expectation was that additional import licences would create more competition and provide consumers with better pricing options. Instead, higher import costs are pushing prices upward.
Another petroleum products marketer noted that retailers purchasing fuel from importers would inevitably reflect the increased procurement cost in their pump prices. According to the marketer, filling stations sourcing imported petroleum products have limited flexibility, making price adjustments unavoidable under current market conditions.
Despite the projected increase, industry operators observed that petrol supplied by the Dangote Refinery remains relatively cheaper than imported alternatives, providing marketers with a more competitive domestic supply option. The anticipated petrol depot price increase is expected to influence retail fuel prices nationwide as marketers respond to rising import costs and prevailing global market conditions.
