Petrol Depot Price Jumps to N1,350/litre as Import Costs Surge

By Opeyemi Adelakun

Fuel importers have increased the depot price of Premium Motor Spirit (petrol) to ₦1,350 per litre, up from ₦1,230 per litre.

Industry sources said marketers were notified of the new depot price on Thursday, with the adjustment taking effect from Friday, July 17, following a rise in the cost of imported fuel cargoes.

The latest increase comes shortly after the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) issued fresh fuel import licences for the third quarter of 2026, allowing selected marketers to import petrol and diesel between July and September.

According to industry data, petrol import approvals were granted to AA Rano, AYM Shafa, Bono, NIPCO and Pinnacle, while AA Rano, AYM Shafa, Bono, Matrix and Pinnacle also received licences to import diesel.

Market analysts attributed the higher depot price to rising international supply costs, worsened by renewed tensions involving the United States and Iran, which have disrupted shipping activities around the Strait of Hormuz, a major global oil transit route.

A market source expressed concern that the price increase undermines the objective of expanding import licences to encourage competition and moderate 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 noted that filling stations relying on imported products would inevitably adjust their retail prices to reflect the higher procurement cost.

“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, observed that petrol supplied by the Dangote Refinery remains relatively cheaper than imported products, offering marketers and consumers a lower-priced alternative despite the latest adjustment in depot prices.