Fuel importers announce new petrol price hike to N1,350 per litre from July 17
By Aboki Forex —
Petrol depot prices in Nigeria will rise from N1,230 to N1,350 per litre starting Friday, July 17, 2026, according to petroleum product importers. Motorists may face pump prices between N1,380 and N1,400 per litre at filling stations supplied by importers if the new depot costs are fully passed on to consumers.
Petroleum product importers notified marketers across Nigeria on Thursday, July 16, 2026, that the depot price of Premium Motor Spirit (PMS) will increase, citing the rising cost of imported fuel cargoes. Industry sources said marketers have already been advised to prepare for the adjustment.
New licences fail to lower 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 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 said the additional licences have not translated into lower prices as many had anticipated.
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.
Geopolitical tensions and rising depot costs
The 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.
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) at N1,200 per litre, Honeywell at N1,185 per litre, African Terminal at N1,150 per litre, and Integrated at N1,150 per litre.
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.
What this means for Nigerians
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.