Data shows why NNPC and marketers imported N5.5 trillion worth of fuel

• The Nigerian National Petroleum Company Limited (NNPC) and other oil marketers imported 3.2 million metric tonnes of petrol, 890.485MT of diesel
• The amount represents about N5.5 trillion worth of fuel imports by the NNPC and marketers in four months
• The development is despite the presence of functional refineries, three of which produce petrol and diesel

Legit.ng’s Pascal Oparada has reported on tech, energy, stocks, investment and the economy for over a decade.

Despite many functional refineries including the Dangote, Port Harcourt, Warri, and other facilities, the Nigerian National Petroleum Company Limited (NNPC) spearheaded fuel imports worth N5.5 trillion in four months.

Between October 2024 and January 2025, Nigeria imported about 3.2 million metric tonnes of petrol and 890,485 metric tonnes of diesel.

NNPC and other marketers abandon Dangote, and other refineries, and import fuel and diesel. Credit: Bloomberg/Contributor
Source: Getty Images

NNPC leads marketers to import fuel

The amount translates to about 4.29 billion litres of PMS and 1.153 billion litres of diesel when converted at 1,342 litres per metric tonne for PMS and 1,176 litres per metric tonne for diesel.

According to reporting by ThisDay, the total value of Nigeria’s petrol and diesel imports in the four months exceeded N5.5 trillion, based on current average landing costs.

Legit.ng earlier reported that in January, NNPC and marketers imported a combined 633 million litres of PMS and diesel.

The report said marketers including BOVA, Eterna Oil, Rainoil and other dealers participated in the imports, alongside the state oil company.

Experts are worried that Nigeria’s continued dependence on fuel imports shows its reliance on foreign fuel as it plans to boost domestic refining capacity.

Dangote Refinery challenges continue fuel imports

The Dangote Refinery has challenged the NNPC, the Nigerian Midstream and Downstream Regulatory Authority (NMDPRA), and other dealers on the continued import of refined petroleum products into the country.

Reports say the refinery is seeking a court order to stop the regulator, the NMDPRA, from continuing to issue licenses for fuel imports.

The refinery, which is expecting 12 million barrels of crude oil from the US, has asked the marketers and NNPC to use the refinery for fuel supply as it has ample products in stock.

However, the NMDPRA countered the facility’s claim, saying the refinery cannot fill the gap in Nigeria’s petrol supply, hence the import licenses to marketers and the NNPC.

NNPC announces restarting two refineries

In November last year, the NNPC announced that the Port Harcourt refinery had commenced PMS production, raising hopes of ending imports.

In December, the NNPC announced that another Nigerian refinery, the Warri refinery, had resumed operations, producing and storing essential products such as Straight Run Kerosene, diesel, and Naphtha.

The refinery’s operations led stakeholders to promise to end fuel imports.

However, in a surprising turn of events, the national oil company has continued to import fuel, contradicting earlier commitments.

Dangote Refinery reduces petrol prices

Legit.ng earlier reported that the Dangote Refinery's petrol ex-depot price has dropped to N890 per lire from N950, effective Saturday, February 1, 2025.

The development came following the crash of crude oil prices globally, including Bonny Light.

Crude prices dropped to N$75.67 per barrel, from over $80 in the international market.

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Source: Legit.ng