Nigeria’s petroleum marketers and retailers imported a total of 154.22 million litres of premium motor spirit (PMS) between March 17 and March 23, 2025, according to data released by the Nigerian Ports Authority (NPA).
This large-scale importation highlights the shifting dynamics in Nigeria’s petroleum industry, as marketers increasingly seek alternative fuel sources beyond Dangote Refinery. The move comes amid economic pressures, market uncertainties, and Dangote Refinery’s recent decision to halt petroleum product sales in Naira.
Massive Fuel Shipments Arrive Across Nigerian Ports
The NPA report, made public on Thursday, March 20, 2025, indicates that seven different vessels, carrying a combined total of 115,000 metric tonnes of PMS, entered Nigeria through various seaports. These include:
- Tincan Port in Lagos – A major entry point for fuel imports into Nigeria
- Lekki Deep Seaport in Lagos – A newly operational port designed to handle large vessels
- Calabar Port in Cross River State – A strategic port for petroleum imports and distribution
These shipments suggest that fuel marketers are diversifying their supply sources, possibly due to price fluctuations, currency volatility, and domestic supply constraints.
Breakdown of PMS Importation Schedule
The arrival of these shipments was strategically timed to ensure a steady supply of petrol across the country. Below is a detailed breakdown of the fuel importation schedule:
- Monday, March 17, 2025 (4:03 PM): A vessel carrying 20,000 metric tonnes of PMS berthed at the Dangote terminal. This shipment was allocated to West African Port Services, marking the beginning of the week’s major fuel imports.
- Monday, March 17, 2025: Two additional vessels, each transporting 20,000 metric tonnes of PMS, arrived separately at Tincan Port and Calabar Seaport, boosting fuel availability across multiple regions.
- Thursday, March 20, 2025 (3:18 PM): A Watson vessel, loaded with 20,000 metric tonnes of PMS, docked at the Ecomarine terminal. The vessel was managed by Kach Maritime Agent, ensuring smooth handling and offloading.
- Friday, March 21, 2025 (Midnight): The Binta Saleh ship, carrying 5,000 metric tonnes of imported petrol, was scheduled to berth at Tincan Port in Lagos.
- Saturday, March 22, 2025 (11:06 AM): Another vessel, loaded with 15,000 metric tonnes of fuel, arrived at Calabar Port. This shipment was handled by Peak Shipping, which was assigned as its official agent.
- Sunday, March 23, 2025 (5:10 PM): A final vessel carrying 15,000 metric tonnes of PMS arrived at the Eco Marine Terminal in Calabar, completing the week’s scheduled fuel imports.
By the end of this period, a total of 115,000 metric tonnes of petrol had been brought into the country. With a standard conversion rate of 1,341 litres per metric tonne, this equates to approximately 154.22 million litres of fuel, meeting Nigeria’s growing demand.
Dangote Refinery Halts Naira Sales Amid Industry Shifts
The surge in fuel imports coincides with a critical decision by Dangote Refinery—the suspension of petroleum product sales in Naira.
The 650,000-barrels-per-day refinery reportedly halted sales in local currency due to unresolved issues in its crude-for-Naira deal with the Nigerian National Petroleum Company Limited (NNPCL). Industry experts suggest that the disagreement over payment structures may have led to this development, prompting fuel marketers to seek alternative suppliers.
The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) previously stated that Dangote Refinery’s supply was expected to significantly reduce the country’s reliance on imports. However, with the current market dynamics, the expected impact of local refining has been delayed.
In response, the Petroleum Retailers Outlets Owners Association of Nigeria (PROOAN) had already warned that its members would look beyond NNPCL and Dangote Refinery for fuel supplies if local refining issues persisted. This week’s import figures suggest that many marketers are now acting on that warning.
Fuel Prices and Market Dynamics
The latest market reports indicate significant fluctuations in fuel pricing across the country.
- As of March 12, 2025, the landing cost of imported PMS had dropped to between N774 and N797 per litre, making imported fuel a relatively affordable option for marketers.
- In contrast, Dangote Refinery’s ex-depot price remained higher, ranging between N815 and N825 per litre.
This pricing disparity has made imported petrol increasingly attractive, even as local refining capacity expands. Industry analysts argue that if the cost gap continues, more marketers may opt for foreign imports instead of purchasing from domestic refineries.
Regulatory Insight on Fuel Imports
Despite Nigeria’s push for local refining, the NMDPRA recently acknowledged that the country’s three operational refineries are still unable to meet more than 50% of the nation’s daily petrol consumption.
This means that even with Dangote Refinery’s operations, Nigeria remains heavily dependent on fuel imports. The latest 154.22 million litres of imports underscore this continued reliance, despite earlier projections of a self-sufficient petroleum industry.
Experts argue that unless Nigeria’s refineries operate at full capacity and offer competitive pricing, imported petrol will remain a major part of the country’s energy mix.
Potential Impact on the Nigerian Economy
The ongoing shift in fuel sourcing raises important questions about the future of Nigeria’s petroleum sector:
- Exchange Rate Pressures: Increased imports mean higher demand for foreign exchange, potentially weakening the Naira. If fuel importation continues at this rate, it could put additional pressure on Nigeria’s foreign reserves.
- Fuel Price Stability: The current disparity in prices between imported fuel and Dangote Refinery’s ex-depot price may continue affecting fuel prices at the pump. If importers secure cheaper products, fuel costs may stabilize or even reduce.
- Policy Implications: The Nigerian government may need to review policies surrounding fuel imports and domestic refining to ensure a balance between self-sufficiency and affordability.
Conclusion
The importation of 154.22 million litres of petrol within a week is a strong indication that Nigeria’s fuel market is still evolving. Despite local refining capacity expanding, fuel marketers are turning to external sources to meet demand, largely due to cost considerations and supply chain challenges.
With Dangote Refinery halting Naira sales and global oil market conditions shifting, the coming months will be crucial in determining whether Nigeria can truly achieve energy self-sufficiency.
For now, the reliance on imported fuel remains a defining factor in the country’s petroleum landscape, and industry stakeholders will continue to monitor the trends shaping Nigeria’s fuel market.
