Industry sources disclosed that importers have already notified petroleum marketers of the new depot price, which is scheduled to take effect from July 17, 2026. The adjustment is linked to the rising cost of imported petrol cargoes, with marketers warning that the increase is likely to be reflected in retail pump prices.
Market sources said the revised depot price reflects the growing cost of importing refined petroleum products into Nigeria.
The increase comes shortly after the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) issued a fresh round of fuel import licences for the third quarter of 2026, covering the period from July to September. The licences permit selected marketers to import petrol and diesel to supplement domestic supply.
According to industry reports, petrol import approvals were issued to AA Rano, AYM Shafa, Bono, NIPCO and Pinnacle. For diesel imports, licences were reportedly granted to AA Rano, AYM Shafa, Bono, Matrix and Pinnacle. The latest approvals were expected to improve product availability and encourage greater competition in the downstream petroleum sector.
Despite expectations that increased imports would create price competition, industry stakeholders say the higher depot rate may instead result in more expensive fuel at filling stations. One industry source argued that the increase undermines the objective of expanding import licences, noting that consumers were expected to benefit from more competitive pricing.
“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.
Another petroleum products marketer explained that retailers purchasing imported petrol would have little option but to adjust their pump prices to reflect the higher acquisition costs. According to the marketer, the increase is a direct consequence of prevailing market realities in the import segment.
The latest price review also follows renewed tensions involving the United States and Iran, which have disrupted shipping activities through the Strait of Hormuz, one of the world’s most important oil transportation routes. The disruption has contributed to rising international freight and petroleum import costs, adding pressure to domestic fuel pricing
While importers prepare to implement the new depot price, marketers noted that petroleum products supplied by the Dangote Refinery continue to sell at comparatively lower prices. The price difference is expected to influence sourcing decisions by fuel retailers as they seek to manage costs and remain competitive in the domestic market.
