Oil Marketers Import Petrol From Abroad, Ignore Dangote, PH Refineries

• In a surprising move, Oil marketers have continued to import petrol despite the Dangote and Port Harcourt refinery's operational
• The development comes amid a reported drop in global price for petrol landing costs in the last few weeks
• Despite the drop in landing cost, Dangote petrol remains cheaper and also the price of products from the PH refinery
• Legit.ng journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends.

Despite recent efforts to boost local refining, oil marketers have continued to import and distribute the product nationwide.

Nigeria currently has the Dangote and Port Harcourt refinery fully operational and producing petrol.

The Dangote Refinery, with a capacity of 650,000 barrels per day (bpd), began selling petrol in September 2024, while the Port Harcourt Refinery’s 60,000bpd recently commenced petrol production.

Legit.ng reported that the petrol from the Port Harcourt refinery sells for N1,030 compared to the N970 per litre offered by the Dangote facility.

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But petrol imports remain attractive, especially given the recent drop in landing costs.

Nigeria still import petrol

Punch reports that 52,000 metric tonnes (68.74 million litres) of petrol were imported via vessels at Lagos and Calabar ports in the past three days alone.

The report revealed that a ship named Binta Saleh carrying 12,000MT (15.864 million litres) of petrol berthed at the Apapa port at 8:12 am on Tuesday, December 3.

The vessel had Blue Seas Maritime as its agent and was handled at the Bulk Oil Plant terminal.

On Wednesday, December 4, 2024, another vessel named Shamal brought in 20,000mt (26.44 million litres) of petrol through the Tincan port at midnight. The Peak Shipping Agency at Terminal KLT Phase 3a handled the ship.

Punch added that marketers have imported 2.3 billion litres of petrol between September 11 and December 5, 2024.

Read also

Marketers oppose NNPC’s petrol price from Port Harcourt refinery

Why import continues

The continued importation of petrol has been attributed to the slow uptake of products from the Dangote Refinery and the Port Harcourt Refinery.

ThisDay reported that the NNPCl and marketers held a meeting to end petrol imports but have yet to yield results, with marketers citing inadequate domestic supply.

NNPC shares pictures of fuel from PH refinery

In an earlier report, Legit.ng revealed that NNPC released pictures of petrol products from the PH refinery, assuring Nigerians that they meet international quality standards.

Despite reports of concern, the oil company also said that its product is free from contaminants and safe for use.

The pictures were released by the spokesperson of NNPC, Olufemi Soneye, in a statement on his official X (formerly Twitter) account on Friday, November 29.

Source: Legit.ng