Petrol importers are preparing to raise the depot price of Premium Motor Spirit (PMS), commonly known as petrol, from N1,230 per litre to N1,350 per litre, a development that could trigger another increase in pump prices across the country.
Industry sources disclosed that importers have already informed petroleum marketers of the new ex-depot price, which is expected to take effect from Friday, July 17, 2026.
The adjustment is believed to reflect the higher landing cost of imported fuel cargoes, a situation that could significantly affect retailers that rely on imported petroleum products.
The development comes shortly after the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) issued a fresh batch of fuel import licences for the third quarter of 2026.
The approvals authorise selected marketers to import petrol and diesel into Nigeria between July and September.
According to a market intelligence report by Argus, the companies granted licences to import petrol include AA Rano, AYM Shafa, Bono, NIPCO and Pinnacle.
Similarly, licences to import Automotive Gas Oil (diesel) were reportedly issued to AA Rano, AYM Shafa, Bono, Matrix and Pinnacle.
The expected increase in depot prices follows renewed tensions between the United States and Iran, which have affected shipping activities around the Strait of Hormuz, one of the world’s most strategic oil transport routes.
The disruption has reportedly pushed up the cost of transporting petroleum products, contributing to higher import expenses for marketers.
Reacting to the latest price adjustment, an industry source expressed concern that the increase contradicts the objective of expanding fuel import approvals to improve competition and reduce domestic 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 explained that filling stations purchasing fuel from importers would have little option but to adjust their retail prices upward to accommodate the higher acquisition cost.
“Retailers buying imported products have little choice but to pass the increase onto consumers. That is how the market works,” the marketer said.
Despite the anticipated increase, the marketer observed that petrol supplied by the Dangote Refinery remains relatively cheaper than imported products, providing some relief for marketers sourcing directly from the local refinery.
The latest development is expected to intensify concerns over transportation costs and the rising cost of living, as any increase in petrol pump prices typically affects the prices of goods and services nationwide.
