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- A recent report has shown that the Nigerian National Petroleum Company Limited (NNPC) and marketers imported 2 billion litres of fuel in one month
- The development comes despite Dangote and other local refineries beginning petrol production during the period
- The refiners also kicked against the Nigerian government issuing import licenses to marketers to import petroleum products
Legit.ng’s Pascal Oparada has reported on tech, energy, stocks, investment and the economy for over a decade.
The Nigerian National Petroleum Company Limited (NNPC) and other marketers imported over two billion litres of petrol in 42 days from October 1 to November 11, 2024.
As marketers increased petrol, diesel, and aviation fuel imports, local refiners kicked against the development, asking the government to stop issuing import licenses to marketers.
Source: Getty Images
Marketers disagree with Dangote; other refineries
However, oil marketers insisted that the downstream petroleum sector had been deregulated and dealers could source products anywhere.
The marketers also said that refined product costs had begun crashing due to subsidy removal.
Some dealers announced that petrol prices have crashed from N1,200 to N1,080 per litre in some locations.
NNPC others import petrol in 42 days
Punch reports that during the 42 days, the NNPC and its partners imported 1.5 million metric tonnes of petrol, 414,018.764MT of diesel, and 13,500MT of aviation fuel, all worth about N3 trillion or $1.8 billion.
According to the report, one metric tonne of petrol equals 1,341 litres, meaning 1.5 million metric tonnes is 2.011 billion litres of petrol.
Petrol imports continue as the Nigerian government tries to end imports through the naira-for-crude sale arrangement with Dangote and other domestic refineries.
The Organisation of Petroleum Exporting Countries (OPEC) disclosed in a recent report that petrol imports into Nigeria spiked in October compared to September 2024.
List of marketers that imported petrol
Legit.ng reported that the Dangote Refinery began selling petrol on September 3, 2024; however, this has yet to reduce prices.
A breakdown of the imports shows that during the review period, companies such as Bovas, AA Rano, Matrix, Fatgbems, Deepwater, Raj, T-Time, Rainoil, Chisco, Nepal, AYM, Shafa, Northwest, Shorelink, among others, received petrol from different vessels in Lagos, Warri, Calabar, and Port Harcourt.
At the conversion rate of 1,164 litres per metric tonne for diesel, about 500 million litres of diesel were imported, and 17 million litres of aviation fuel were also imported at 1.250 litres per metric tonne.
A document showed that tanker vessels carrying refined petroleum products arrived at Nigerian ports almost daily.
Breakdown of daily petrol imports
In October, NNPC and other marketers imported about 994,446.438 metric tonnes of petrol, with Lagos getting 555,121.617 metric tonnes, Warri 281,100 metric tonnes, Port Harcourt 94,224.821 metric tonnes, and Calabar 64,000 metric tonnes.
About 285,518.764 metric tonnes of diesel was also imported, with Lagos getting 162,500 metric tonnes, Warri 58,500 metric tonnes, Port Harcourt 56,018.764 metric tonnes, and Calabar 8,500 metric tonnes.
Between November 1 and November 11, another 358,083 metric tonnes of PMS, 112,500 metric tonnes of diesel, and 13,500 metric tonnes of jet fuel were discharged at Nigerian ports.
The breakdown also shows that on October 10, the NNPC received 60,590.187 metric tonnes of petrol through the Navig8 Honour ship at Pinnacle Terminal.
On October 16, the NNPC received 38.083 metric tonnes of petrol through CL Agatha Christie ship.
On October 18, four ships delivered about 97,000 metric tonnes of petrol.
Also, AA Rano imported 18,860 metric tonnes of petrol and 20,000 metric tonnes of diesel via ships.
Other importers include Matrix, Bovas, T-Tank, Emadeb, Raj, Menu, and TS Logistics.
The cost of imported fuel rises as landing costs increase
Legit.ng earlier reported that the landing cost of petrol in Nigeria rose marginally to about N977 per litre.
The figure is based on data from the Major Energy Marketers Association of Nigeria (MEMAN).
The MEMAN data pegs the exchange rate for imported petrol at N1,672, increasing the 30-day average landing cost from N976.73 per litre to the current figure.
Source: Legit.ng
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