… as FG grants 6 new petrol import licences, targets 180,000 tonnes supply boost
… local refining still falls short, importation needed to meet national fuel demand – Lokpobiri
Oredola Adeola
Imported Premium Motor Spirit (petrol) by marketers recorded a price advantage over locally refined petrol from the Dangote Petroleum Refinery, according to the latest market data released by the Major Energies Marketers Association of Nigeria (MEMAN) as of March 24, 2026.
The data analysed by Advisors Reports on Thursday showed that the landing cost of imported petrol stood at about ₦1,139.24 per litre, creating a price differential of approximately ₦135.76 per litre when compared to the refinery’s gantry price of ₦1,275/L.
The figures, referenced across ASPM (₦1,139.24/L) and NPSC-NOJ(₦1,139.22/L) pricing benchmarks, indicate that imported fuel is currently more competitive under prevailing market conditions.
The development comes amid ongoing supply gaps in the domestic market, as local refining output has yet to fully meet national consumption needs.
Industry data by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) indicated that the Dangote refinery supplied an average of 36.6 million litres per day in February 2026, falling short of Nigeria’s estimated daily consumption of about 56.9 million litres.
The shortfall has largely been bridged through stock drawdowns and continued importation.
Heineken Lokpobiri, Minister of State for Petroleum Resources (Oil), acknowledged the situation, noting that Nigeria still depends on imports to meet domestic fuel demand.
Speaking at CERAWeek by S&P Global in Houston, Texas, the Minister said that while local refining capacity has improved, it remains insufficient to satisfy national consumption, estimated at roughly 50 million litres per day.
To ease supply constraints, sources within the NMDPRA disclosed that import licences have been issued to six marketers, including NIPCO Plc, Matrix Energy Group, A.A. Rano Nigeria Limited, AYM Shafa Limited, Bono Oil and Gas, and Pinnacle Oil and Gas Limited.
Each firm is reportedly allocated 30,000 tonnes, totaling 180,000 tonnes, to support supply and stabilise inventory levels.
However, the regulator has yet to officially confirm the timeline of the allocations, while one of the companies mentioned, NIPCO, reportedly denied knowledge of the import license.
The move follows an earlier allocation of 300,000 tonnes to MRS Oil Nigeria Plc for the first quarter of 2026.
Mr. Joe Nwakwue, Partner at Zera Advisory and Consulting, while speaking during a virtual webinar organised by MEMAN in partnership with S&P Global, emphasised the importance of importation in sustaining market balance.
He noted that allowing fuel imports helps maintain a contestable market structure, ensuring that dominant players operate under competitive pressure.
Experts say the continued reliance on imports underscores the gap between domestic refining capacity and national demand, even as efforts to scale up local production continue.
