Nigerians may soon face another increase in the pump price of Premium Motor Spirit (PMS), commonly known as petrol, following a reported hike in the ex-depot price by fuel importers from ₦1,230 to ₦1,350 per litre.
Industry sources disclosed that petroleum marketers were informed on Thursday, July 16, of the revised depot price, which is expected to take effect from Friday, July 17.
The development is likely to prompt filling stations that rely on imported petroleum products to adjust their retail prices upward.
Rising Import Costs Behind Increase
According to industry reports, the latest price adjustment is linked to the growing cost of importing refined petroleum products into Nigeria.
The increase comes shortly after the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) issued fresh import licences for the third quarter of 2026.
The approvals allow selected marketers to import petrol and diesel between July and September to support fuel availability across the country.
Market intelligence firm Argus reported that petrol import licences were granted to AA Rano, AYM Shafa, Bono, NIPCO and Pinnacle, while AA Rano, AYM Shafa, Bono, Matrix and Pinnacle also received approval to import Automotive Gas Oil (diesel).
The additional licences were expected to encourage greater competition and improve the supply of petroleum products nationwide.
Global Tensions Push Up Landing Costs
The latest increase also comes amid renewed geopolitical 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 driven up freight and cargo costs, resulting in higher landing costs for imported fuel arriving in Nigeria.
Energy analysts warn that continued uncertainty in the Middle East could keep global crude oil and refined petroleum prices under pressure in the coming weeks.
Marketers Expect Higher Pump Prices
Reacting to the development, an industry source said the increase runs contrary to expectations that the issuance of more import licences would boost competition and help stabilise fuel prices.
According to the source, consumers had anticipated more competitive pricing, but importers have instead announced higher ex-depot rates that are likely to be transferred to motorists.
Another petroleum marketer noted that filling stations purchasing imported fuel would have little option but to increase pump prices to reflect the higher acquisition cost.
He explained that retailers are compelled to pass on additional costs to consumers in line with prevailing market conditions.