Amid Naira-For-Crude Crisis, Petrol Imports Hit 154 Million Litres Weekly as Landing Cost Crashes

• Petroleum product marketers have imported about 154 million metric tonnes of petrol weekly
• Documents from the Nigerian Ports Authority (NPA) show that about seven vessels will import the products between March 17 and 23, 225
• The development follows the collapse of the naira-for-crude deal between the NNPC and the Dangote Refinery

Legit.ng’s Pascal Oparada has reported on tech, energy, stocks, investment and the economy for over a decade.

About seven vessels carrying imported petrol are expected to dock at seaports between Monday, March 17 and 23, 2025.

This is according to a document from the Nigerian Ports Authority released on Thursday, 20, 2025, revealing that the vessels are carrying 115,000 metric tonnes, representing 154.22 million litres of petrol.

The landing cost of petrol crashes

These vessels will bring the products via three seaports in Nigeria to boost fuel supply nationwide.

Legit.ng earlier reported that the landing cost of PMS crashed to N797.83 per litre, prompting these imports.

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Also, the development follows the suspension of the naira-for-crude sales arrangement between the Nigerian National Petroleum Company Limited (NNPC) and the Dangote Refinery.

Refinery owners suspect sabotage

Domestic refiners have said that the suspension of crude sales in naira is a plot to frustrate the Dangote Refinery and restore full import of refined petroleum products.

According to a Punch report, the national publicity secretary of the Crude Oil Refinery Owners Association of Nigeria (CORAN), Eche Idoko, said suspending the deal frustrates the stakeholders’ efforts to achieve energy security in Nigeria.

Idoko said some individuals were aggrieved by the consistent crash in petrol prices by the mega Dangote Refinery and used plots to restore imports as an alternative.

Data from the Nigerian Midstream and Downstream Petroleum Regulatory Authority said that Nigeria’s three functional refineries contribute less than 50% of the country’s daily petrol consumption, with the remaining shortfall being sourced via imports.

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NPA lists vessels carrying petrol

However, an analysis of the NPA document disclosed that the products landed at the Tincan Island port, the Lekki Deep Seaport in Lagos and the Calabar port.

The NPA document also showed that the Dangote refinery imported 645,766 metric tonnes of crude oil within the same period.

According to reports, the first shipment carrying 20,000 metric tonnes of PMS belonging to West African Ports Services docked at the Dangote Terminal on Monday, March 17, 2025.

On the same day, two vessels carrying 20,000 metric tonnes docked at Tincan and Calabar ports.

Another vessel with 20,000 metric tonnes belonging to Watson arrived on Thursday, March 20, 2025, berthing at the Ecomarine terminal.

Also, the Binta Saleh ship was scheduled to arrive at Tincan port with 5,000 metric tonnes of imported petrol on Friday, March 21, 2025.

Another vessel with 15,000 metric tonnes of refined fuel docked on Saturday, March 22, 2025. The vessel was assigned to Peak Shipping and its agent.

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Another vessel with 15,000 metric tonnes of fuel will arrive at the Ecomarine terminal on Sunday, March 23, 2025, meaning the seven vessels should import 115,000 metric tonnes of refined petroleum products.

At the conversion rate of 1,341 litres per metric tonne, the marketers are importing about 154.22 million litres of petrol.

Depots hike fuel prices

Legit.ng earlier reported that Petroleum product prices have increased following the halt in the naira-for-crude deal between the Nigerian National Petroleum Company Limited (NNPC) and domestic refineries, including the Dangote Refinery.

The six-month deal ensured a steady supply of petroleum products from the Dangote and other domestic refineries, leading to a significant reduction in petroleum product prices.

Analysts say the deal’s collapse will erode the gains achieved in the downstream petroleum industry since President Bola Tinubu removed the subsidy on May 29, 2025.

Source: Legit.ng