Nigerians could soon face another increase in the pump price of petrol after fuel importers raised the ex-depot price of Premium Motor Spirit (PMS) from ₦1,230 to ₦1,350 per litre.
The revised depot price was reportedly communicated to petroleum marketers on Thursday and is expected to take effect from Friday, July 17. The development is likely to push filling stations that rely on imported fuel to review their pump prices.
Industry sources said the latest adjustment was caused by the growing cost of bringing refined petroleum products into Nigeria.
The increase follows the recent decision by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) to issue fresh fuel import licences for the third quarter of 2026.
The approvals allow selected marketers to import petrol and diesel between July and September in a move aimed at maintaining steady fuel supply across the country.
According to market intelligence firm Argus, petrol import licences were granted to 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 Automotive Gas Oil (AGO), also known as diesel.
The additional licences were expected to increase competition among fuel importers and improve the availability of petroleum products nationwide.
However, the latest rise in depot prices comes as tensions between the United States and Iran continue to affect shipping activities through the Strait of Hormuz, a key route for global oil transportation.
The disruption has pushed up freight charges and cargo costs, making it more expensive to import refined petroleum products into Nigeria.
Market observers believe the continued uncertainty in the Middle East may keep pressure on international crude oil prices and the cost of refined fuel in the weeks ahead.
Reacting to the increase, one industry source said the latest development was different from what many had expected after more import licences were approved.
“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.
A petroleum products marketer also said filling stations that purchase imported fuel would have little option but to increase their pump prices to cover the higher cost.
“Retailers buying imported products have little choice but to pass the increase onto consumers. That is how the market works,” the marketer said.
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