Petrol importers set to raise depot price to N1,350 per litre as fresh fuel price hike looms

Nigerians may soon pay more for Premium Motor Spirit (PMS) as petrol importers have concluded plans to increase the depot price of petrol from N1,230 per litre to N1,350 per litre, signalling another likely rise in pump prices across the country.

Industry sources said importers have already notified petroleum marketers of the new ex-depot price, which is expected to take effect from July 17, 2026. The increase is expected to affect independent marketers that depend on imported fuel, with many likely to adjust their retail prices to reflect the higher cost of procurement.

The planned increase comes amid mounting pressure on the global oil market following renewed tensions between the United States and Iran, which have disrupted shipping activities around the Strait of Hormuz—one of the world’s most strategic oil transit routes. The disruption has pushed up freight charges, marine insurance premiums and the landing cost of imported petroleum products, resulting in higher depot prices for importers.

Industry analysts said the latest adjustment reflects the rising cost of imported fuel cargoes rather than changes in local distribution costs. They warned that unless international crude oil prices stabilise, Nigerians could face additional increases in the price of petrol in the coming weeks.

The development also follows the issuance of fresh fuel import licences by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) for the third quarter of 2026.

Under the latest approvals, selected oil marketers have been authorised to import petrol and diesel between July and September to boost fuel availability nationwide.

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According to industry reports, AA Rano, AYM Shafa, Bono, NIPCO and Pinnacle received approvals to import petrol, while AA Rano, AYM Shafa, Bono, Matrix and Pinnacle were licensed to import diesel during the quarter.

Ironically, the latest depot price increase has sparked concerns among stakeholders, as the expanded import licences were expected to deepen competition and help moderate domestic fuel prices after the deregulation of the downstream petroleum sector.

A senior industry source noted that the objective of approving more importers was to create a more competitive market that would offer consumers better pricing options.

Instead, marketers say rising international procurement costs have forced importers to review their prices upward, leaving retailers with little choice but to pass the additional cost on to consumers.

According to a petroleum products marketer, filling stations sourcing products from importers cannot absorb the higher landing costs without adjusting their pump prices.

He explained that under Nigeria’s deregulated fuel market, retail prices are largely determined by acquisition costs, exchange rates, logistics expenses and prevailing international market conditions.

Despite the latest increase in imported fuel prices, marketers noted that products supplied by the Dangote Petroleum Refinery remain relatively cheaper than imported cargoes in many locations.

However, the refinery has also been affected by developments in the international oil market. Industry reports indicate that Dangote Refinery recently began pricing some petroleum products in US dollars, citing crude oil supply challenges and higher international crude prices following the suspension of the Federal Government’s naira-for-crude arrangement.

Data from the NMDPRA shows that the Dangote Refinery currently supplies the vast majority of Nigeria’s domestic petrol demand, significantly reducing the country’s dependence on imported PMS compared to previous years. Nevertheless, imported fuel remains an important source of supply, particularly for independent marketers.

Energy experts warn that continued geopolitical tensions in the Middle East and sustained increases in crude oil prices could further impact petrol prices in Nigeria, with ripple effects on transportation costs, food prices, inflation and the overall cost of living.

For millions of Nigerians already grappling with rising living expenses, the planned increase in the depot price of petrol could translate into higher transport fares, increased business operating costs and additional pressure on household budgets unless global oil market conditions improve.

Petrol importers set to raise depot price to N1,350 per litre as fresh fuel price hike looms

Auto Industry Heavyweights, Top Regulators Converge for Nigeria Summit on EV, CNG Future

Leading automobile manufacturers, transport regulators and key government agencies have confirmed participation in the 2026 Nigeria Auto Industry Summit(NAISU), underscoring growing industry support for Nigeria’s transition to electric vehicles (EVs) and Compressed Natural Gas (CNG)-powered transportation.

Among the major industry players backing this year’s summit are Weststar Associates Limited, Toyota (Nigeria) Limited, Jetour Nigeria, Carloha Nigeria, Simba Group, Cedric Masters Group, Coscharis Motors, Lanre Shittu Motors etc.

Policymakers, investors, financial institutions, fleet operators and technology providers are also expected at the event being organised by Nigeria Auto Journalists Association (NAJA) in collaboration with the National Automotive Design and Development Council (NADDC).

The Corps Marshal of the Federal Road Safety Corps (FRSC), Shehu Mohammed, has confirmed his participation as a keynote speaker and is expected to address issues bordering on road safety, regulation and the deployment of EVs and CNG-powered vehicles in Nigeria.

Also confirmed as guest speakers are the Director-General of the National Automotive Design and Development Council (NADDC), Joseph Osanipin, and the Chairman/Chief Executive Officer of the Presidential Initiative on Compressed Natural Gas and Electric Vehicles (Pi-CNG and EV), Ismaeel Ahmed.

They are expected to provide insights into the Federal Government’s automotive industrialisation agenda, clean mobility policies and ongoing efforts to accelerate the adoption of EVs and CNG-powered vehicles across Nigeria.

The third edition of the summit will hold on Thursday, July 30, 2026, at the Radisson Hotel, Ikeja, Lagos.

The theme of this year’s event is: “Nigeria’s Clean Mobility Future: The EV and CNG Journey Under the Bola Tinubu Administration.”

Chairman of the 2026 Auto Summit Planning Committee, Rasheed Bisiriyu, said the event comes at a critical period as Nigeria intensifies efforts to drive cleaner transportation through the adoption of electric vehicles and compressed natural gas.

According to him, the summit will bring together government officials, automotive manufacturers, regulators, energy experts and transport stakeholders to assess ongoing reforms and develop practical strategies for advancing the country’s clean mobility agenda.

“The summit comes at a critical period when Nigeria is implementing policies aimed at reducing transportation costs, lowering carbon emissions and encouraging greater investment in alternative energy mobility solutions,” Bisiriyu said.

He added that discussions would review the progress made under the Bola Tinubu administration in promoting EV and CNG adoption while identifying policy, infrastructure and financing gaps requiring urgent attention.

According to him, participants will also examine strategies for expanding EV charging infrastructure and CNG refuelling stations, promoting local vehicle assembly, improving consumer awareness, attracting private sector investment and strengthening the regulatory framework needed to support sustainable transportation.

Bisiriyu noted that the summit is designed to move beyond policy conversations by generating practical recommendations capable of accelerating Nigeria’s transition to cleaner mobility.

Also speaking, NAJA Chairman, Theodore Opara, said the annual Auto Summit has evolved into one of Nigeria’s foremost automotive policy dialogue platforms, bringing together government institutions and private sector operators to address critical issues affecting the industry’s growth.

According to Opara, achieving Nigeria’s clean mobility objectives requires broad collaboration among regulators, manufacturers, energy providers, transport operators, safety agencies and consumers.

He said, “We are bringing together regulators, manufacturers, energy providers, transport operators, safety agencies and consumers because the transition to clean mobility requires collective action.

“The objective is not only to discuss policy but also to identify practical solutions that will accelerate Nigeria’s journey towards affordable, cleaner and more sustainable transportation.”

Organisers said the summit is expected to generate actionable recommendations to support the Federal Government’s drive to deepen investment in alternative fuel technologies, strengthen local automotive manufacturing, improve transport sustainability and position Nigeria as a leading player in Africa’s emerging clean mobility ecosystem.

With participation already confirmed by leading automotive brands, regulators and other key stakeholders, the 2026 NAISU is shaping up to be one of Nigeria’s most influential gatherings on the future of the automotive industry and the country’s transition to cleaner, more sustainable mobility.

Senate gives NNPC auditors one week to explain ₦210 trillion unreconciled accounts

The Senate Public Accounts Committee (SPAC) has given the external auditors of the Nigerian National Petroleum Company Limited (NNPC Ltd.) a one-week ultimatum to submit documents explaining more than ₦210 trillion recorded as receivables and payables in the company’s audited financial statements.

The directive followed a heated investigative hearing on Wednesday, during which lawmakers insisted that auditors who certified the accounts must provide detailed evidence to support the figures presented in the financial statements.

The committee ordered the auditors to produce comprehensive schedules and audit working papers explaining approximately ₦107 trillion listed as receivables and another ₦103 trillion recorded as payables in NNPC Ltd.’s audited accounts.

The auditors had requested two weeks to retrieve the documents, arguing that the schedules formed part of their audit working papers. However, the committee rejected the request and instead granted them just one week to comply.

Chairman of the committee, Senator Ibrahim Dankwambo, questioned why auditors who had already signed off on the financial statements required additional time to produce documents supporting the figures.

“If you already have the figures in your working papers, why do you need to go back before presenting them to this committee?” Dankwambo asked.

The auditors maintained that NNPC Ltd. remained their client and should be responsible for explaining the disputed figures. They also argued that the committee had previously agreed that officials of the national oil company would provide clarifications on the financial entries.

However, members of the committee rejected that position, stressing that external auditors are professionally responsible for defending the audit opinions they issue after certifying financial statements.

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Senator Abdul Ningi reminded the auditors that the National Assembly has constitutional powers to compel any individual or organisation to produce documents required for legislative oversight and investigations.

Also speaking, Senator Patrick Ndubueze questioned the credibility of the audit exercise, warning that failure to provide supporting schedules could cast doubt on whether the audit was conducted in accordance with accepted professional standards.

The committee also expressed dissatisfaction with previous explanations offered by NNPC Ltd., which attributed the figures largely to joint venture (JV) cash call transactions and related obligations. Lawmakers noted that those explanations failed to reconcile the receivables and payables or clearly identify the transactions, counterparties and calculations supporting the entries.

Former Edo State Governor and Senator, Adams Oshiomhole, argued that although NNPC Ltd. now operates as a limited liability company under the Petroleum Industry Act (PIA), it remains wholly owned by the Federal Government and cannot rely on commercial confidentiality to withhold information from Parliament.

According to Oshiomhole, institutions managing public assets are fully accountable to Nigerians through the National Assembly and must cooperate with legislative oversight.

Responding to concerns that the Senate was alleging financial misappropriation, Dankwambo clarified that the committee had not stated that the ₦210 trillion was missing or stolen.

He explained that the issue before the committee is that the huge receivables and payables remain unreconciled and insufficiently explained, making it necessary for the auditors to provide documentary evidence supporting the figures contained in the audited accounts.

The ongoing investigation forms part of the Senate’s broader review of audit queries arising from NNPC Ltd.’s audited financial statements covering multiple financial years. The Public Accounts Committee has been examining observations raised by the Office of the Auditor-General for the Federation, particularly those relating to financial reporting, asset management and accounting practices within the national oil company.

The committee subsequently directed the auditors to return within one week with detailed audit schedules, working papers and supporting documents explaining every component of the ₦107 trillion receivables and ₦103 trillion payables, warning that failure to comply could attract further legislative action.

Senate gives NNPC auditors one week to explain ₦210 trillion unreconciled accounts