Fuel importers have announced a fresh increase in the depot price of Premium Motor Spirit (PMS), popularly known as petrol, raising the ex-depot price from ₦1,230 per litre to ₦1,350 per litre.
Industry sources disclosed that importers have already notified petroleum marketers of the new pricing regime, which is scheduled to take effect on July 17. The development is expected to trigger another nationwide increase in retail pump prices as filling station operators adjust to the higher cost of product acquisition.
The latest price review comes amid rising import costs, foreign exchange volatility and prevailing market conditions in Nigeria’s deregulated downstream petroleum sector. Marketers say the increase reflects higher replacement costs and the realities of sourcing imported petroleum products.
With the new ex-depot price, consumers are expected to pay significantly more for petrol at filling stations across the country. Analysts warn that the increase could further drive up transportation fares, production costs and the prices of goods and services, worsening inflationary pressures on households and businesses.
The anticipated hike follows a series of price adjustments in the petroleum market since the deregulation of the downstream sector, with stakeholders noting that fluctuations in global crude oil prices, exchange rates and supply costs will continue to influence domestic fuel prices.
The new pricing is expected to take effect immediately, subject to market implementation by petroleum marketers nationwide.
