Fuel importers have increased the depot price of Premium Motor Spirit (PMS), commonly known as petrol, from ₦1,230 to ₦1,350 per litre, a development expected to trigger a rise in pump prices across the country.

Industry sources confirmed on Thursday that importers have formally notified marketers of the new depot price, which is scheduled to take effect from July 17, 2026.

The upward adjustment is attributed to the rising cost of imported fuel cargoes, further tightening the burden on consumers already grappling with high living costs.

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 licences permit selected marketers to import petrol and diesel between July and September.

According to a market intelligence report by Argus, companies approved to import petrol include AA Rano, AYM Shafa, Bono, NIPCO, and Pinnacle. Meanwhile, AA Rano, AYM Shafa, Bono, Matrix, and Pinnacle were granted licences to import diesel.

The price hike also comes amid renewed tensions between the United States and Iran, which have disrupted shipping activities through the Strait of Hormuz, a critical global oil transit route, thereby pushing up international fuel prices.

Reacting to the development, an industry source expressed concern that the increase contradicts the intended goal of issuing additional import licences, which was to boost competition and stabilise domestic prices.

“The expectation was that more import licences would create competition and give consumers better pricing options. Instead, we are seeing higher prices that will inevitably be passed on to Nigerians,” the source said.

A petroleum products marketer also noted that filling stations sourcing products from importers have little option but to adjust their pump prices in line with the higher procurement costs.

“Retailers buying imported products will naturally pass the increase to consumers. That is the reality of the market,” the marketer explained.

However, the marketer added that petrol supplied by local refineries, particularly Dangote Refinery, remains relatively cheaper, offering some relief in the domestic market.