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Petrol importers have announced an increase in the depot price of Premium Motor Spirit (PMS) from N1,230 to N1,350 per litre, a development expected to trigger a fresh rise in pump prices across the country.
Industry sources disclosed on Thursday that importers had notified marketers of the new depot price, which is scheduled to take effect from July 17.
The increase reflects the higher landing cost of imported petrol cargoes and is expected to impact filling stations that depend on imported products for supply.
The latest adjustment follows the issuance of fresh fuel import licences by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) for the third quarter of 2026.
The licences authorise selected oil marketers to import petrol and diesel between July and September as part of efforts to ensure adequate fuel supply in the country.
According to market intelligence firm Argus, companies approved to import petrol include AA Rano, AYM Shafa, Bono, NIPCO and Pinnacle, while AA Rano, AYM Shafa, Bono, Matrix and Pinnacle received approvals to import diesel.
Market analysts attributed the higher depot price to rising international crude oil prices and disruptions in global shipping routes following renewed tensions between the United States and Iran, which have affected vessel movement through the Strait of Hormuz.
Industry stakeholders expressed concern that the increase could undermine the Federal Government's objective of expanding fuel imports to encourage competition and stabilise domestic prices.
A market source noted that rather than driving prices lower, the additional import licences have coincided with higher depot costs that would eventually be transferred to consumers.
"The expectation was that more importers would create competition and moderate prices. Instead, marketers are announcing higher depot prices, which consumers will ultimately bear," the source said.
Another petroleum products marketer explained that filling stations purchasing imported petrol would have little option but to adjust their pump prices in line with the increased cost of procurement.
He, however, observed that petrol supplied by the Dangote Refinery remains relatively cheaper than imported products, giving retailers with access to the refinery's supply a competitive pricing advantage.
