Fuel importers have increased the depot price of Premium Motor Spirit (PMS), commonly known as petrol, to ₦1,350 per litre, a development that could trigger another round of pump price increases across Nigeria.
The latest adjustment represents a significant increase from the previous depot price of about ₦1,230 per litre and is expected to influence retail prices at filling stations in the coming days as marketers review their pricing structure.
Industry sources attributed the increase to rising landing costs of imported petrol, exchange rate pressures and prevailing market conditions in Nigeria’s deregulated downstream petroleum sector. They added that marketers had already been notified of the revised ex-depot price ahead of its implementation.
The development follows the issuance of fresh fuel import licences by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) for the third quarter of 2026, allowing licensed marketers to continue importing petroleum products to supplement domestic supply.
Energy analysts say the new depot price could push pump prices beyond the current levels, with the final retail cost likely to vary depending on transportation expenses, operating costs and location.
The anticipated increase comes amid continued changes in Nigeria’s downstream oil and gas industry. Market observers note that recent pricing adjustments by the Dangote Petroleum Refinery, coupled with fluctuations in global crude oil prices and foreign exchange rates, have added fresh pressure to the cost of supplying petrol across the country.
According to industry experts, the deregulated market means petrol prices will continue to respond to international oil prices, import costs and movements in the value of the naira. They warned that unless these underlying factors improve, consumers could experience further price adjustments in the months ahead.
A higher pump price is also expected to have wider economic implications. Transport operators, manufacturers and small businesses may be forced to review their operating costs, a situation that could place additional pressure on household budgets and contribute to rising inflation.
As of the time of filing this report, neither the NMDPRA nor the Nigerian National Petroleum Company Limited (NNPC Ltd.) had issued an official statement on the reported increase. However, petroleum marketers said they were already making procurement decisions based on the new depot price.
The latest development underscores the realities of Nigeria’s deregulated petroleum market, where domestic fuel prices are increasingly influenced by global market trends, foreign exchange dynamics and the cost of importing refined petroleum products.
