Naira-For-Crude Dispute : Weekly Petrol Imports Surge to 154m litres

Seven vessels carrying imported Premium Motor Spirit (PMS), commonly known as petrol, are scheduled to dock at various seaports across the country between Monday, March 17, and Sunday, March 23, according to Saturday  These vessels, carrying a combined 115,000 metric tonnes (equivalent to 154.22 million litres of PMS), will deliver products via three major seaports to help enhance the fuel supply across the nation.

According to the report today revealing that the landing cost of imported PMS has dropped to N797 per litre. The development also coincides with the suspension of petroleum product sales in naira by the Dangote Petroleum Refinery, due to a stalled renegotiation of the naira-for-crude deal with the Nigerian National Petroleum Company Limited (NNPCL).

Domestic crude oil refiners have criticized the suspension, arguing that it is part of a strategy to undermine the Dangote refinery and restore full importation of refined petroleum products. Eche Idoko, the National Publicity Secretary of the Crude Oil Refinery-owners Association of Nigeria, stated that halting the deal undermines efforts to achieve national energy security. He claimed that some individuals, displeased by the Dangote refinery’s continued reduction in petrol prices, are using monopolistic tactics to revive product imports as an alternative.

The ongoing importation of refined petroleum products continues, despite the country’s growing local refining capacity. The Nigerian Midstream and Downstream Petroleum Regulatory Authority recently reported that the nation’s three operational refineries contribute less than half of the daily petrol consumption, with imports covering the shortfall.

Documents from the Nigerian Port Authority (NPA) indicate that the imported petrol will arrive at the Tincan port in Lagos, the Lekki Deep Seaport in Lagos, and the Calabar port in Cross River State. Additionally, the Dangote refinery imported 654,766 metric tonnes of crude oil during the same period.

The first shipment, carrying 20,000 metric tonnes of PMS, arrived at the Dangote terminal at 4:03 pm on Monday, March 17, 2025. On the same day, two other vessels, each carrying 20,000 metric tonnes of petrol, docked at the Tincan and Calabar seaports. On Thursday, March 20, a Watson vessel carrying 20,000 metric tonnes arrived at 3:18 pm, docking at the Ecomarine terminal and being handled by a Kach maritime agent.

Additionally, a Binta Saleh ship was scheduled to dock at the Tincan port at midnight on Friday, March 21, with 5,000 metric tonnes of imported petrol. On Saturday, March 22, another vessel carrying 15,000 metric tonnes was set to arrive at Calabar port at 11:06 am, with Peak Shipping assigned as its agent. Finally, on Sunday, March 23, another vessel carrying 15,000 metric tonnes was expected to dock at the Eco marine terminal in Calabar at 5:10 pm. In total, these seven vessels will deliver 115,000 metric tonnes of petrol, which converts to approximately 154.22 million litres.

Meanwhile, depot owners have continued to raise the loading cost of petrol and other refined petroleum products at their facilities. Data obtained from loading depots on Thursday showed that Rainoil Depot increased its price from N835 to N860 per litre, while MEN Depot also raised its price to N860 per litre, despite no sales on the previous day. Pinnacle Depot followed suit, increasing its price from N835 to N860 per litre, and Aiteo and Nipco adjusted their prices to N856 and N860 per litre, respectively, from N835.

What impact does the continuous importation of refined products have on Nigeria’s energy security and local refining capacity?

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