A substantial influx of imported petrol is hitting Nigerian shores, with seven vessels carrying a total of 154 million litres expected to berth at various seaports between March 17 and March 23, 2025. Hobnob News reports on this significant development, which comes amidst ongoing tensions surrounding the naira-for-crude oil agreement and concerns over domestic refining capacity.
According to documents obtained from the Nigerian Port Authority (NPA), these vessels are delivering 115,000 metric tonnes of Premium Motor Spirit (PMS) through three seaports: Tincan in Lagos, Lekki Deep Seaport in Lagos, and Calabar Port in Cross River State.
This surge in imports follows reports of a drop in the landing cost of imported PMS to N797 per litre and coincides with the suspension of naira-based petroleum product sales by the Dangote Petroleum Refinery, a move attributed to stalled renegotiations with the Nigerian National Petroleum Company Limited (NNPCL).
Domestic crude oil refiners have expressed concern that the halt in crude supply in naira is a deliberate attempt to undermine the Dangote refinery and revert to full-scale importation of refined petroleum products. Eche Idoko, the National Publicity Secretary of the Crude Oil Refinery-owners Association of Nigeria, argued that this move jeopardizes the nation’s energy security goals.
Idoko further alleged that certain parties, dissatisfied with the Dangote refinery’s competitive pricing, are using monopolistic tactics to promote importation. This claim is supported by the continued influx of imported refined products despite increasing domestic refining capacity.
The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) recently acknowledged that Nigeria’s three operational refineries currently meet less than 50% of the nation’s daily petrol consumption, with imports filling the remaining gap.
The NPA documents reveal that the Dangote refinery also imported 654,766 metric tonnes of crude oil during the same period. The petrol shipments arrived at various terminals, with the first vessel berthing at the Dangote terminal on March 17. Subsequent arrivals occurred at Tincan, Calabar, and Ecomarine terminals, with vessels carrying varying quantities of PMS.
The arrival of these seven vessels, carrying 115,000 metric tonnes of petrol, translates to approximately 154.22 million litres, based on a conversion rate of 1,341 litres per metric tonne.
Meanwhile, depot owners have increased loading costs, with Rainoil, MEN, Pinnacle, Aiteo, and Nipco depots raising their prices from N835 to between N856 and N860 per litre.
The simultaneous increase in imports and depot prices raises concerns about the stability of the petrol market and the potential impact on consumers. Hobnob News will continue to monitor the situation and provide updates on the developments.
