Nigeria: Importers to raise depot petrol price to N1,350/litre

Fuel importers in Nigeria are poised to raise the depot price of petrol from N1,230 to N1,350 per litre, according to industry sources. Marketers have reportedly been notified of the new price, which is expected to take effect on July 17, meaning consumers will face higher costs at the pump.

The price increase reflects the rising cost of imported fuel cargoes. This development follows the issuance of new fuel import licenses by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) for the third quarter of 2026, allowing selected marketers to import petrol and diesel between July and September.

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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.

Industry analysts note that this price hike contradicts the objective of issuing additional import licenses, which was intended to foster competition and stabilize domestic prices. "The expectation was that additional import licenses would encourage competition and provide consumers with more pricing options," a source commented. "Instead, importers are announcing higher prices that will ultimately be passed on to Nigerians."

Petroleum product marketers stated that filling stations sourcing products from importers will have no choice but to adjust their pump prices upward to cover the increased procurement costs. However, it was noted that fuel supplied by the Dangote refinery continues to be offered at a cheaper rate.

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Retailers buying imported products have little choice but to pass the increase onto consumers. That is how the market works.