Nigeria is facing another wave of fuel price increases as rising global oil market tensions continue to ripple through Africa’s largest economy, threatening to drive up transport costs, inflation and the cost of living for millions.
Fuel importers have increased the depot price of Premium Motor Spirit (PMS), commonly known as petrol, from ₦1,230 to ₦1,350 per litre, with the new pricing taking effect from July 17, 2026. The adjustment is expected to trigger higher pump prices at filling stations supplied by imported fuel.
The increase comes as the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) issued a new round of import licences for the third quarter of 2026, allowing selected marketers to bring petrol and diesel into the country between July and September.
Industry reports indicate that AA Rano, AYM Shafa, Bono, NIPCO and Pinnacle received approvals to import petrol, while AA Rano, AYM Shafa, Bono, Matrix and Pinnacle were also licensed to import diesel.
However, instead of easing prices through increased competition, importers say higher international cargo costs have forced them to raise depot prices, a development that is expected to be reflected at filling stations across Nigeria.
The latest increase comes amid renewed geopolitical tensions involving the United States and Iran, which have disrupted shipping through the Strait of Hormuz—one of the world’s most important energy transit routes. The disruption has increased the cost of transporting crude oil and refined petroleum products, placing additional pressure on fuel-importing countries.
Market analysts warn that the impact could extend beyond Nigeria, as many African nations remain heavily dependent on imported fuel and are vulnerable to global supply disruptions.
Petroleum marketers say retailers purchasing imported fuel have little option but to transfer the additional cost to consumers, meaning motorists and businesses should prepare for another increase in pump prices.
Despite the latest hike, industry sources noted that products supplied by the Dangote Refinery remain cheaper than imported alternatives, providing some relief for marketers with access to local supplies.
The expected rise in pump prices is likely to deepen inflationary pressures in Nigeria, where fuel costs influence transportation, food prices, manufacturing and household expenses. It also underscores the growing impact of international geopolitical developments on African economies, highlighting how events far beyond the continent can directly affect the daily lives of millions.
This latest price adjustment reinforces Nigeria’s continued exposure to global energy market volatility despite ongoing efforts to expand domestic refining capacity.
