Importers to Raise Depot Petrol Price to N1,350 per Litre

Fuel importers are preparing to increase the depot price of Premium Motor Spirit, commonly known as petrol, from ₦1,230 to ₦1,350 per litre.

Industry sources said importers had informed petroleum marketers of the new price as of Thursday. The revised depot price is expected to take effect from July 17, according to a report by TheCable.

The increase is likely to result in higher pump prices at filling stations that depend on imported petrol.

Sources attributed the price adjustment to the rising cost of importing petroleum products into the country.

The development comes after the Nigerian Midstream and Downstream Petroleum Regulatory Authority issued a new round of fuel import licences for the third quarter of 2026.

The licences allow selected petroleum marketers to import petrol and diesel between July and September.

According to a market intelligence report by Argus, petrol import approvals were granted to AA Rano, AYM Shafa, Bono, NIPCO and Pinnacle.

AA Rano, AYM Shafa, Bono, Matrix and Pinnacle also reportedly received licences to import diesel.

The planned price increase follows renewed tensions between the United States and Iran, which have disrupted shipping activities around the Strait of Hormuz, a major route for global energy supplies.

An industry source said the increase could weaken the government’s objective of issuing more import licences to encourage 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 said filling stations purchasing petrol from importers would have little choice but to adjust their pump prices to reflect the higher procurement cost.

“Retailers buying imported products have little choice but to pass the increase on to consumers. That is how the market works,” the marketer said.

The marketer, however, noted that petroleum products supplied by the Dangote Petroleum Refinery remained cheaper than imported alternatives.

The proposed increase could further raise transportation and operating costs for households and businesses already dealing with high energy expenses.