Fuel importers are set to increase the depot price of petrol from N1,230 per litre to N1,350.

As of Thursday Importers have reportedly notified marketers of the new depot price of N1,350 per litre, industry sources say.

The new depot price is expected to take effect from July 17, according to a report publish by TheCable meaning that Nigerians will pay more at the pumps.

It was further learnt that the new price reflects the increased cost of imported cargoes.

The development follows the issuance of a fresh round of fuel import licences by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) for the third quarter (Q3) of 2026.

The licence allows selected 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.

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

The price hike comes days after the resumption of the US-Iran conflict, which has disrupted the free passage of ships through the Strait of Hormuz.

Commenting on the upward price review, a source said it undermines the objective of issuing additional import licences to promote competition and moderate domestic 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 sourcing products from importers would have little choice but to raise their pump prices to reflect the higher cost of procurement.

“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, noted that products supplied by Dangote refinery remain cheaper. (Vanguard)

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