Petrol Prices in Nigeria Set to Rise Amid New Depot Rate

Petrol prices across Nigeria are anticipated to increase from N1,230 to N1,350 per litre following a new depot rate announced by fuel importers. This change, effective from July 17, reflects the rising costs associated with importing petrol cargo.

Industry sources indicate that the increase will likely be passed on to consumers, resulting in higher fuel costs for motorists and businesses. The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) is set to issue fresh fuel import licenses for the third quarter of 2026, permitting selected companies to import petrol and diesel.

This move aims to ensure adequate fuel supply across the country. However, the latest price increase contradicts the objective of encouraging competition to lower fuel prices.

Additionally, the Dangote Petroleum Refinery is noted to remain a cheaper alternative compared to imported fuel. The refinery has introduced new pricing for various fuel types, including N0.779 per litre for premium motor spirit and N1.087 per litre for diesel.