Fuel importers are set to increase the depot price of Premium Motor Spirit (petrol) from N1,230 to N1,350 per litre, a move expected to push up pump prices across the country.
Industry sources said importers have informed marketers that the new depot price will take effect from July 17, reflecting the higher cost of imported fuel cargoes.
The development comes after the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) issued a fresh round of fuel import licences for the third quarter (Q3) of 2026, allowing selected companies to import petrol and diesel between July and September.
According to a market intelligence report by Argus, companies approved to import petrol include AA Rano, AYM Shafa, Bono, NIPCO and Pinnacle. Licences to import diesel were reportedly granted to AA Rano, AYM Shafa, Bono, Matrix and Pinnacle.
The latest increase follows renewed tensions between the United States and Iran, which have disrupted shipping through the Strait of Hormuz, contributing to higher global fuel import costs.
A source within the industry said the price increase runs contrary to the expectation that expanding import licences would encourage competition and help moderate domestic fuel prices.
Another petroleum marketer noted that filling stations relying on imported fuel would likely adjust their pump prices to reflect the higher procurement costs, adding that the increase would ultimately be borne by consumers.
The marketer, however, pointed out that petrol supplied by the Dangote Refinery remains cheaper than imported products.
