Marketers, Others Import N3.3trn Petrol in Three Months Despite Reduced Prices by Dangote, NNPC
- Nigeria imported an equivalent of N3.3 trillion worth of petrol in the fourth quarter of last year, showing a continued dependence on imports
- Data from NBS revealed that petrol imports accounted for most of Nigeria’s traded products in 2024
- The petrol imports happened despite Nigeria’s increased petroleum product refining by Dangote, Port Harcourt, and Warri refineries
Legit.ng’s Pascal Oparada has reported on tech, energy, stocks, investment and the economy for over a decade.
Nigeria’s petrol imports have continued without abating despite the rise in the country’s refining capacity.
Nigeria imported about N3.3 trillion worth of petrol in the last three months of 2024.
Source: Getty Images
Nigeria imported over one trillion litres of petrol
According to data from the National Bureau of Statistics, petrol imports topped Nigeria’s most traded products during the fourth quarter of last year.
Nigerians had expected that petrol production at the Dangote, Port Harcourt, and Warri refineries would ease Nigeria’s reliance on imported petrol.
However, fuel imports have persisted, raising concerns about a sustained reliance on imported fuel.
The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) data shows fluctuation in volumes and daily averages, indicating a continued reliance on imports.
Despite substantial fluctuations throughout the year, fuel imports have been critical in meeting Nigeria’s fuel needs.
Breakdown of petrol imports in 2024
The volume of imports in January 2024 was 1.357 billion litres. The imports dropped slightly by 1,343 billion litres.
According to the report, imports increased in March to 1,461.889.416 litres, indicating a greater dependence on imported fuel.
In April, the data showed a swing as imports dropped to 1,288,974,567 litres before rising to 1,313,440,530 in May and 1,398,411,753 litres in June.
Petrol imports peaked in October at 1,524,565,174 litres and a significant drop in November at 1,253,477,626 litres with minor adjustments to 1,482,726,064 litres in December.
The second half of the year witnessed remarkable fluctuations in petrol imports.
Experts reveal that despite efforts to raise local refining, Nigeria’s dependence on imported petrol has been boosted by its 13.76 billion litres of petrol imports in 2024.
The reliance on imported fuel highlighted the low production of local refineries, including the Dangote, Port Harcourt, and Warri refineries in the review period.
The refineries reportedly produced only 794,369,526 litres of fuel between January and May last year, fewer than imported products.
Petrol production from refineries is not insufficient
BusinessDay reports the refineries’ lowest product periods were in January as they pumped 90,498,122 litres, while May recorded the highest production at 286,074,494 litres.
Source: UGC
According to the NMDPRA, total petrol production in local refineries, including imports and domestic refining, reached 14.5 billion litres in 2024.
Another variable was the daily average petrol supply, which rose from 42.3 million litres in May to 56 million litres in October.
The NMDPRA revealed that the daily average supply for the year stood at 43.7 million litres, showing the need for a stable supply to meet fuel consumption needs.
NNPC crashes petrol prices to N860 per litre to rival Dangote
Legit.ng earlier reported that the Nigerian National Petroleum Company Limited (NNPC) has reduced its pump price of petrol to N860 per litre.
The moves come as a price war between major marketers and independent petroleum dealers, and fluctuations in global oil prices rage on.
The new NNPC price became effective on Monday, March 3, 2025, marking an important reduction from the previous price of N920 per litre, relieving Nigerians grappling with high living costs.
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Source: Legit.ng
