Motorists across the country may soon pay more for Premium Motor Spirit (PMS), popularly known as petrol or fuel, as importers have reportedly increased the depot price of the product from ₦1,230 to ₦1,350 per litre.
Reports are that on Thursday, July 16, importers had already notified petroleum marketers of the new ex-depot price, which is expected to take effect from July 17.
Naijaonpoint reports that the increase is expected to trigger another round of pump price adjustments by filling stations that depend on imported petroleum products.
According to Vanguard, industry sources revealed that the latest upward review reflects the rising cost of importing refined petroleum products into the country.
The development comes shortly after the Nigerian Midstream and Downstream Petroleum Regulatory Authority ( NMDPRA) issued a fresh round of fuel import licences for the third quarter of 2026.
The licences permit selected marketers to import petrol and diesel into Nigeria between July and September as part of efforts to ensure adequate supply in the downstream sector.
According to a market intelligence report by Argus, the NMDPRA approved petrol import licences for AA Rano, AYM Shafa, Bono, NIPCO and Pinnacle.
The report also indicated that AA Rano, AYM Shafa, Bono, Matrix and Pinnacle were granted approvals to import Automotive Gas Oil, commonly known as diesel, during the same period.
The fresh approvals were expected to encourage competition among importers and improve product availability nationwide.
The latest increase comes amid renewed tensions between the United States and Iran, which have disrupted shipping activities through the Strait of Hormuz, one of the world’s busiest oil transit routes.
The disruption has increased freight and cargo costs, leading to higher landing costs for imported petroleum products destined for Nigeria.
Analysts say continued geopolitical uncertainty in the Middle East could sustain pressure on global crude oil prices and refined petroleum products in the coming weeks.
Reacting to the development, an industry source said the increase contradicted expectations that the issuance of additional import licences would promote competition and moderate fuel 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 noted that retail outlets sourcing fuel from importers would have no option but to adjust their pump prices to reflect the higher procurement cost.
“Retailers buying imported products have little choice but to pass the increase onto consumers. That is how the market works,” the marketer said.
