LAGOS, Nigeria — Fuel importers are set to increase the depot price of Premium Motor Spirit, popularly known as petrol, from N1,230 to N1,350 per litre effective Friday, July 17, 2026, a development that will force marketers to raise pump prices across the country.
Industry sources confirmed to TheCable on Thursday that importers have notified marketers of the new depot price, which represents an increase of N120 per litre. The new price is expected to take effect from Friday, meaning Nigerians will pay more at the pumps in the coming days.
The depot price hike comes amid persistent volatility in the global oil market, foreign exchange pressures, and rising costs of crude oil procurement. The landing cost of petrol has continued to rise, placing significant strain on importers and marketers who have struggled to maintain margins.
Marketers have expressed concerns that the increase would worsen the already high cost of living for Nigerians, who have been grappling with inflation and economic hardship. However, industry sources indicated that the price adjustment was unavoidable given the current market realities.
The federal government has not yet commented on the price increase. The Nigerian National Petroleum Company Limited, which has been a major importer of petrol, is expected to review its pricing template in response to the new depot price.
The increase follows a similar price hike in June 2026, when the depot price was raised from N1,120 to N1,230 per litre. The persistent upward trend in fuel prices has raised concerns about the sustainability of the current deregulation policy and its impact on consumers.
As the new price takes effect, Nigerians are bracing for further increases in transportation costs, food prices, and the overall cost of goods and services, as the fuel price increase is expected to have a ripple effect across the economy.
