Fuel importers are set to increase the depot price of petrol from N1,230 per litre to N1,350 per litre, effective July 17, 2026, according to industry sources.
The increase reflects the rising cost of imported fuel cargoes and is expected to lead to higher pump prices across the country, as marketers adjust retail prices to match the new procurement cost.
The development comes after the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) issued a fresh round of fuel import licences for the third quarter (Q3) of 2026. The licences permit selected marketers to import petrol and diesel between July and September.
According to market intelligence reports, companies approved to import petrol include AA Rano, AYM Shafa, Bono, NIPCO, and Pinnacle. Meanwhile, AA Rano, AYM Shafa, Bono, Matrix, and Pinnacle received licences to import diesel.
The latest price increase also follows renewed tensions involving the United States and Iran, which have disrupted shipping activities through the Strait of Hormuz, a key global oil transit route. The situation has pushed up the cost of imported petroleum products.
Industry stakeholders say the increase contradicts the expectation that issuing more import licences would encourage competition and help stabilize fuel prices. Instead, importers are adjusting depot prices upward, a move that will likely be transferred to consumers through higher pump prices.
Petroleum marketers have also noted that filling stations relying on imported fuel have little option but to increase their retail prices to cover the higher cost of supply. However, they added that petrol supplied by the Dangote Refinery remains more affordable compared to imported products.
