Nigeria’s petrol import cost increased by about 15 percent within two weeks following renewed tensions in the Middle East, which pushed global crude oil prices higher. The latest figures released by the Major Energies Marketers Association of Nigeria (MEMAN) show that the rising cost of importing fuel is largely linked to fears that the crisis around the Strait of Hormuz could disrupt global oil supply.
According to MEMAN’s latest industry report, the import parity price for Premium Motor Spirit (PMS), also known as petrol, rose from N983.92 per litre on June 24 to N1,135.73 per litre on July 9, 2026. This represents an increase of N151.81 per litre, or approximately 15.4 percent. Another major import route recorded a similar increase, with prices climbing from N982.92 to N1,134.72 per litre during the same period.
The increase followed growing concerns over rising tensions in the Middle East, especially around the Strait of Hormuz, one of the world’s busiest oil shipping routes. Reports of possible disruptions to crude oil transportation created uncertainty in the global market, leading to higher oil prices. Some filling stations in Nigeria also reportedly closed temporarily due to speculation about another fuel price increase.
Despite the sharp rise in current import costs, MEMAN noted that the average import parity price over the last 30 days actually declined. The average dropped from N1,138.20 per litre in late June to N1,064.42 per litre by July 9. This suggests that while recent events have pushed prices upward, the monthly average still reflects the lower market prices recorded earlier.
Other petroleum products also experienced similar increases. Diesel import costs rose by about 14 percent, increasing from N1,213.44 to N1,383.10 per litre. Aviation fuel, also known as jet fuel, increased by roughly 13.2 percent, moving from N1,201.23 to N1,359.67 per litre.
Global crude oil prices also reacted to the Middle East situation. Brent crude averaged $73.71 per barrel during the week ending July 9, while Nigeria’s Bonny Light crude averaged $71.63 per barrel. Although these prices were lower than the higher levels recorded in late June, market uncertainty continued to influence fuel import costs.
The Nigerian currency also weakened slightly during the review period. The naira traded at an average of N1,373.47 per dollar, compared to N1,367.26 per dollar two weeks earlier. Since crude oil and refined petroleum products are purchased in US dollars, a weaker naira increases the overall cost of importing fuel into the country.
Even with the increase in import costs, Nigeria continued to record the lowest petrol pump prices in West Africa. MEMAN reported that the average retail petrol price stood at about N1,156 per litre, making it cheaper than prices in countries such as Ghana, Benin, Togo, Liberia, Senegal, Mali, Cameroon and Sierra Leone, where motorists pay significantly more for fuel.
The report also highlighted prices at the Dangote Refinery. Diesel was sold at N1,500 per litre, while aviation fuel was priced at N1,450 per litre. Liquefied Petroleum Gas (LPG), commonly known as cooking gas, was sold at N925,000 per metric tonne. Ex-depot petrol prices in Lagos ranged between N1,125 and N1,130 per litre, while diesel prices in Port Harcourt remained among the highest, reaching up to N1,555 per litre.
MEMAN noted that global oil prices, exchange rate movements and geopolitical developments will continue to play a major role in determining the cost of fuel imports and petrol prices in Nigeria in the coming weeks.
