🔥 Trending Nigeria Petrol Depot Price Hike: What You Need to Know

Nigerian petrol importers are set to increase the depot price of Premium Motor Spirit (PMS), commonly known as petrol, from ₦1,230 to ₦1,350 per litre, effective July 17, 2026 ¹³¹⁰. This adjustment follows earlier increases, with the average ex-depot price having already risen from approximately ₦1,120 to ₦1,200 per litre ². Some reports indicate that the ex-depot price had previously climbed to between ₦1,125 and ₦1,175 per litre from around ₦1,090 per litre ⁵.

Reasons for the Price Increase

Several factors contribute to the rising petrol depot prices in Nigeria:

1. Dangote Refinery's Pricing Policy

The Dangote Petroleum Refinery, a significant player in Nigeria's fuel market, has reportedly suspended naira sales for petroleum products, opting instead for transactions in dollars ². The refinery has set its ex-depot price at $0.779 per litre ⁷. This shift to dollar-based pricing puts pressure on importers and marketers who primarily operate in naira, leading to higher costs when converting to purchase from the refinery ²⁸.

2. Rising Crude Oil Costs

An increase in global crude oil prices directly impacts the cost of refined petroleum products. Depot owners have cited rising crude oil costs as a reason for increasing petrol prices to over ₦1,200 per litre ⁶.

3. Increased Landing Costs

The cost of importing petrol into Nigeria has seen a significant jump. Data from the Major Oil Marketers Association of Nigeria (MEMAN) indicates that the landing cost of imported petrol climbed by nearly ₦48 per litre within six days ⁹. This increase is attributed to:

• Higher Brent Crude Prices: The global benchmark for crude oil has seen an uptick ⁹.
• Surge in Shipping Rates: Freight costs, particularly shipping rates, have surged by 25% ⁹.
• Weaker Naira: The depreciation of the Nigerian Naira against the US dollar makes imports more expensive when converted to local currency ⁹.

4. Supply Chain Adjustments

Ongoing adjustments within the fuel supply chain, potentially influenced by the Dangote Refinery's operations and global market dynamics, are also contributing to the upward trend in fuel prices ⁶. Unless global fuel prices and freight charges decline, or domestic pricing policies change, Nigerian fuel importers are expected to continue facing significant pressure ⁸.

Potential Impact on Pump Prices

With the ex-depot price set to reach ₦1,350 per litre, motorists can expect to pay higher pump prices, potentially ranging between ₦1,380 and ₦1,400 per litre ¹⁰. This increase is also anticipated to further impact Nigeria's inflation rate, which was 15.91% ¹⁰. As of July 17, 2026, the current fuel price listed on some platforms is ₦1,175 per litre ⁴.