Fuel importers are planning to lift the depot price of petrol to N1,350 per litre, up from the current N1,230 rate. Industry insiders confirmed that marketers received notifications regarding this adjustment, which is scheduled to commence on July 17.
This price hike is attributed to the rising costs of imported fuel cargoes. The shift follows the Nigerian Midstream and Downstream Petroleum Regulatory Authority issuing new import permits for the third quarter of 2026. Companies such as AA Rano, AYM Shafa, Bono, NIPCO, and Pinnacle have been granted authority to import petroleum products through September.
Market instability is also contributing to the trend, as the renewed conflict between the United States and Iran has hindered maritime traffic through the Strait of Hormuz. Observers argue that these higher depot costs negate the intended benefits of increasing competition among suppliers. Instead, retail stations will likely be forced to raise prices at the pump to compensate for the expensive stock, even though products from the Dangote refinery continue to offer a more affordable alternative.
