Petrol Import Costs Spike 15% as Geopolitical Risks Mount
The cost of importing petrol into Nigeria has surged by more than 15 per cent within two weeks, raising fresh concerns over the possibility of higher fuel prices across the country. The latest industry bulletin released by the Major Energies Marketers Association of Nigeria (MEMAN) shows that the increase was driven by renewed geopolitical tensions in the Middle East, particularly around the Strait of Hormuz, one of the world's most important oil shipping routes.
According to MEMAN's July 9, 2026 Energy Bulletin, fears that escalating tensions around the Strait of Hormuz could disrupt global crude oil and petroleum product supplies have already begun to affect Nigeria's fuel import costs. The association noted that speculation over a possible petrol price increase even led to temporary closures of some filling stations as marketers and consumers reacted to uncertainty in the international oil market.
Spot Landing Cost Rises by N151.81 Per Litre
Data from the bulletin showed that the spot landing cost of Premium Motor Spirit (PMS) imported through the ASPM route rose from N983.92 per litre on June 24 to N1,135.73 per litre by July 9, representing an increase of N151.81, or approximately 15.4 per cent. Similarly, the NPSC (NOJ) import route recorded an increase from N982.92 per litre to N1,134.72 per litre, reflecting nearly the same percentage rise.
Despite these sharp increases in spot costs, MEMAN's report revealed a contrasting trend in the longer-term average. The 30-day average import parity price for petrol declined from N1,138.20 per litre on June 24 to N1,064.42 per litre by July 9, representing a drop of about 6.5 per cent. The difference suggests that the recent spike in costs is largely a short-term reaction to geopolitical uncertainty, while the monthly average still reflects the relatively calmer market conditions experienced earlier.
Diesel and Jet Fuel Also See Price Hikes
The increase in import costs was not limited to petrol. MEMAN reported that diesel (AGO) recorded a sharp rise in spot import parity, increasing from N1,213.44 per litre to N1,383.10 per litre, representing about 14 per cent growth. Aviation turbine kerosene (ATK), commonly known as jet fuel, also climbed from N1,201.23 per litre to N1,359.67 per litre, an increase of approximately 13.2 per cent. The association noted that jet fuel had already shown signs of price pressure before the latest surge spread to petrol and diesel.
Crude Oil Prices and Weaker Naira Add Pressure
The report attributed the higher import costs to a combination of rising global crude prices and the depreciation of the naira. Brent crude averaged $73.71 per barrel during the week ending July 9, while Nigeria's Bonny Light crude averaged $71.63 per barrel. At the same time, the naira weakened slightly, averaging N1,373.47 per dollar, compared with N1,367.26 per dollar two weeks earlier. Since refined petroleum products are purchased in US dollars, any depreciation of the local currency automatically raises Nigeria's import bill.
Nigeria Still Has Cheapest Petrol in West Africa
Despite rising import costs, Nigeria continues to offer the cheapest petrol in West Africa. MEMAN's survey of twelve West African countries placed Nigeria's average retail petrol price at about N1,156 per litre, making it the least expensive market in the region. The association noted that countries such as Liberia, the Benin Republic, Togo, Ghana, Cameroon, Côte d'Ivoire, Mali, Senegal and Sierra Leone all recorded significantly higher pump prices. Sierra Leone topped the list with an average petrol price of N2,311.63 per litre, nearly double Nigeria's average.
The report suggests that while international market volatility is increasing pressure on fuel import costs, Nigerian motorists continue to benefit from comparatively lower pump prices, even as marketers closely monitor developments in the global oil market.
Previous Reports Highlight Depot Price Surge
Legit.ng earlier reported that the recent surge in petrol prices across Nigeria is driven by geopolitical tensions in the Middle East that are impacting the global oil market. As international uncertainties escalate, experts warn that if the situation worsens, Nigerians could face significant increases in transportation costs and inflation, further complicating the economic landscape.
