N1,350/Litre: Fuel Importers Announce Fresh Petrol Price Hike, Unveil Start Date
- Petrol depot prices in Nigeria set to rise from N1,230 to N1,350 per litre starting July 17
- Motorists may face pump prices between N1,380 and N1,400 per litre due to rising costs
- Nigeria's inflation rate at 15.91% expected to increase with new fuel price adjustments
Pascal Oparada is a journalist with Legit.ng, covering technology, energy, stocks, investment, and the economy for over a decade.
Petroleum product importers have notified marketers across Nigeria of an impending increase in petrol depot prices, a move that could push pump prices to as high as N1,400 per litre nationwide.
The importers informed marketers on Thursday, July 16, 2026, that the depot price of Premium Motor Spirit (PMS), popularly known as petrol, will rise from N1,230 per litre to N1,350 per litre, citing the rising cost of imported fuel cargoes.
Source: Getty Images
New petrol prices to take effect July 17
According to sources familiar with the development, the new pricing regime is expected to take effect on Friday, July 17, 2026.
TheCable reported that the increase means motorists could soon pay between N1,380 and N1,400 per litre at filling stations supplied by importers if the new depot prices are fully reflected at the retail level.
Industry players say marketers have already been advised to prepare for the adjustment.
Fresh import licences fail to ease prices
The latest increase comes despite the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) issuing fresh fuel import licences for the third quarter of 2026.
The licences cover the importation of both Premium Motor Spirit (PMS) and Automotive Gas Oil (AGO), commonly known as diesel, between July and September 2026.
According to Argus data, petrol import approvals were granted to six companies, including AA Rano, AYM Shafa, Bono, NIPCO, and Pinnacle.
However, market observers say the additional licences have not translated into lower prices as many had anticipated.
Global oil tensions driving costs higher
The latest price adjustment comes amid renewed geopolitical tensions following fresh hostilities between the United States and Iran over the Strait of Hormuz, a vital shipping route that handles about 20% of global oil supplies.
The rising cost of imported cargoes has continued to put pressure on Nigeria's downstream petroleum market.
A source quoted by TheCable said the latest development undermines the objective of issuing more import licences to stimulate competition and moderate domestic 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.
Marketers say pump prices will rise
A fuel marketer said filling stations purchasing imported petrol have little option but to increase pump prices to avoid losses.
"Retailers buying imported products have little choice but to pass the increase on to consumers. That is how the market works," the marketer explained.
Depot prices surge across Nigeria
The announcement follows a sharp rise in depot prices over the past 72 hours, with several major depots increasing PMS prices by more than N100 per litre.
According to data from PetroleumPriceNG, some depots have raised petrol prices by as much as 23%.
Among the latest depot prices:
- Ardova (AP): N1,200 per litre
- Honeywell: N1,185 per litre
- African Terminal: N1,150 per litre
- Integrated: N1,150 per litre
Source: Getty Images
Analysts warn that the latest increase could further squeeze household budgets and transport costs, adding to inflationary pressures already facing Nigerians.
Nigeria's inflation rate stood at 15.91% in July, with higher fuel prices expected to drive up the cost of goods and services in the coming weeks.
Dangote breaks silence on petrol sales suspension
Legit.ng earlier reported that Dangote Refinery has dismissed reports claiming it suspended the loading and sale of petrol to marketers through its gantry, insisting that fuel distribution is continuing despite widespread speculation.
The clarification came on Thursday, July 16, 2026, after reports suggested that the 700,000-barrel-per-day refinery had halted petrol sales following its decision to switch to dollar-denominated transactions for refined petroleum products.
Some reports claimed petrol was being sold at about $0.779 per litre, equivalent to roughly N1,075 per litre, fueling concerns across Nigeria's downstream petroleum market.
Source: Legit.ng
