Nigerians may have to brace for another hike in the cost of Premium Motor Spirit (PMS) as fuel importers are set to increase the depot price of petrol from N1,230 per litre to N1,350.
The new depot price is expected to take effect from July 17, meaning that consumers will pay more at the pumps.
Industry sources confirmed on Thursday that importers have already notified marketers of the new depot price of N1,350 per litre.
It was gathered that the new price reflects the increased cost of imported cargoes.
The development follows the issuance of a fresh round of fuel import licences by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) for the third quarter (Q3) of 2026.
The licence allows selected marketers to import petrol and diesel between July and September.
According to a market intelligence report by Argus as published by TheCable, petrol import approvals were granted to AA Rano, AYM Shafa, Bono, NIPCO, and Pinnacle.
Also, AA Rano, AYM Shafa, Bono, Matrix, and Pinnacle reportedly received licences to import diesel.
The price hike comes days after the resumption of the US-Iran conflict, which has disrupted the free passage of ships through the Strait of Hormuz.
