Nigeria’s petrol imports have risen significantly, with seven vessels carrying Premium Motor Spirit (PMS) expected to arrive at seaports between March 17 and March 23.
Documents from the Nigerian Ports Authority (NPA) indicate that these ships are bringing in 115,000 metric tonnes of PMS, equivalent to about 154.22 million litres, to help stabilize the country’s fuel supply.
This increase in imports comes after reports that the landing cost of imported PMS has dropped to N797 per litre. It also follows the suspension of the naira-for-crude deal by Dangote Petroleum Refinery due to unresolved negotiations with the Nigerian National Petroleum Company Limited (NNPCL).
Local refiners have expressed concerns over the halt in crude supply using naira, arguing that it could undermine efforts to enhance domestic refining capacity. The National Publicity Secretary of the Crude Oil Refinery-Owners Association of Nigeria, Eche Idoko, noted that the decision goes against the push for energy security within the country.
He also stated that some industry players were displeased with Dangote Refinery’s continued reduction in petrol prices and were using monopolistic strategies to promote importation as an alternative. Despite increasing local refining capacity, the reliance on imported petroleum products has remained steady.
Recent data from the Nigerian Midstream and Downstream Petroleum Regulatory Authority revealed that Nigeria’s three operational refineries still produce less than 50% of the country’s daily petrol demand, with imports filling the gap.
The NPA documents show that the incoming petrol shipments are distributed across three major seaports: Tincan Port in Lagos, Lekki Deep Seaport in Lagos, and Calabar Port in Cross River State.
The first delivery arrived at the Dangote terminal on March 17, with a 20,000-metric-tonne shipment allocated to West African Port Services. On the same day, two more vessels, each carrying 20,000 metric tonnes, berthed at Tincan and Calabar seaports.
Additional shipments include:
- A 20,000-metric-tonne Watson vessel that docked at Ecomarine terminal on March 20.
- The Binta Saleh ship, carrying 5,000 metric tonnes, scheduled to arrive at Tincan port on March 21.
- A 15,000-metric-tonne vessel expected at Calabar port on March 22.
- Another 15,000-metric-tonne shipment due at Ecomarine terminal on March 23.
With one metric tonne equaling approximately 1,341 litres, this means the total petrol import for the week will reach about 154.22 million litres.
Despite the surge in imports, depot owners have continued to raise petrol prices at loading depots. An analysis of pricing data showed that:
- Rainoil Depot raised its price from N835 to N860 per litre.
- MEN Depot increased its price to N860 per litre.
- Pinnacle Depot adjusted its price from N835 to N860 per litre.
- Aiteo and Nipco depots also raised their prices, setting them at N856 and N860 per litre, respectively.
