Motorists across Nigeria may soon pay more for petrol as fuel importers have raised the depot price of Premium Motor Spirit (PMS) from ₦1,230 to ₦1,350 per litre, a development expected to trigger fresh increases at filling stations nationwide.
The new depot rate is expected to take effect on Friday, July 17, 2026, according to industry sources, who disclosed that importers have already notified petroleum marketers of the price adjustment.
The increase means marketers purchasing imported petrol from depots will pay significantly more for products, a cost that is widely expected to be transferred to consumers through higher pump prices in the coming days.
The latest adjustment comes just days after the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) issued fresh fuel import licences for the third quarter of 2026, covering the period from July to September, to ensure adequate supply of petroleum products across the country.
According to a market intelligence report by Argus, companies approved to import petrol include AA Rano, AYM Shafa, Bono, NIPCO and Pinnacle. The report also showed that AA Rano, AYM Shafa, Bono, Matrix and Pinnacle received approval to import diesel during the same period.
Industry players attributed the latest increase to the rising cost of imported fuel cargoes, driven largely by renewed tensions between the United States and Iran, which have disrupted shipping through the Strait of Hormuz, one of the world’s busiest oil transport routes. The disruption has pushed up freight costs, making imported petrol more expensive for Nigerian importers.
A source familiar with developments in the downstream petroleum sector questioned the increase, arguing that it contradicts the objective of issuing more import licences to promote competition and lower fuel prices.
“The expectation was that additional import licences would encourage competition and provide consumers with more pricing options. Instead, importers are announcing higher prices that will ultimately be passed on to Nigerians,” the source said.
Another petroleum products marketer said filling stations relying on imported fuel would have little option but to raise pump prices to reflect the higher depot costs.
“Retailers buying imported products have little choice but to pass the increase onto consumers. That is how the market works,” the marketer said.
The marketer, however, noted that petroleum products supplied by Dangote Petroleum Refinery remain cheaper than imported fuel, giving marketers sourcing directly from the refinery a competitive pricing advantage.
The development also comes shortly after Dangote Refinery announced its transition from naira-denominated fuel sales to dollar-based transactions, cancelling all existing naira invoices and introducing new prices of $0.779 per litre for petrol, $1.087 per litre for diesel and $0.942 per litre for aviation fuel.
The refinery said the decision was necessitated by persistent challenges in securing sufficient crude oil locally under the Federal Government’s naira-for-crude arrangement with the Nigerian National Petroleum Company Limited (NNPCL), forcing it to rely increasingly on crude purchased from the international market, where transactions are conducted in U.S. dollars.
Although the move is expected to reduce foreign exchange risks for the refinery, industry analysts say it has increased the financial burden on petroleum marketers, who must now source foreign currency to buy fuel, further contributing to rising depot and retail fuel prices across the country.
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