Petrol imports fall as Dangote stock hits 631m litres - Punch Newspapers

The Dangote Petroleum Refinery ended August with 630.9 million litres of refined petroleum products in stock as Nigeria continued to import petrol and other fuels, latest data from the Nigerian Midstream and Downstream Petroleum Regulatory Authority have shown. The NMDPRA’s August 2026 State of the Midstream and Downstream Sector factsheet showed that the refinery’s closing inventory comprised 360.4 million litres of Premium Motor Spirit (petrol), 137.2 million litres of automotive gas oil (diesel) and 133.3 million litres of aviation turbine kerosene (aviation fuel). The latest NMDPRA figures show that the refinery closed August with more than 630 million litres of products in its tanks, including 360.4 million litres of petrol. At the same time, petrol imports continued, although they declined significantly during the month. Average daily PMS imports fell by 26 per cent from 19.7 million litres in July to 14.6 million litres in August, according to the regulator. Domestic PMS receipts, however, rose by 39 per cent from 25.8 million litres per day in July to 35.9 million litres in August. The increase in domestic supply pushed total PMS receipts into the country up by 11 per cent from 45.5 million litres per day in July to 50.5 million litres in August. Domestic receipts exceeded imports by 21.3 million litres per day during the month. The Dangote refinery accounted for about 71 per cent of the country’s total PMS receipts in August, supplying almost 36 million litres of petrol daily to the domestic market.See more Punch stories on Google.Add Punch on Google The regulator said the refinery produced an average of 41.94 million litres of PMS daily during the month, supplied 35.87 million litres to the domestic market and exported 9.73 million litres daily. Its average capacity utilisation stood at 105.21 per cent during August, while its PMS closing stock stood at 360.4 million litres. Beyond petrol, the refinery closed August with 137.2 million litres of diesel and 133.3 million litres of aviation fuel, bringing its combined inventory of the three products to 630.9 million litres. Diesel imports also declined sharply during the month, falling by 84 per cent from 7.9 million litres per day in July to 1.3 million litres in August. Meanwhile, PMS consumption declined by 14 per cent from 48.3 million litres per day in July to 41.5 million litres in August. The regulator said the consumption figures were based on volumes trucked into the domestic market. Dangote refinery: Northern Christian leader urges members to invest Atiku demands answers as Nigeria’s debt hits N166.79tn Not so ok Petrol stock sufficiency improved marginally from 22.4 days in July to 22.9 days in August, while diesel stock sufficiency increased from 46.5 days to 51.6 days. The increase in domestic refining also coincided with higher crude oil receipts by local refineries. The NMDPRA said crude oil receipts rose by 17 per cent from 585,000 barrels per day in July to 683,000 barrels per day in August. Between January and August, domestic refineries received 137.98 million barrels of feedstock, comprising 109.88 million barrels of domestic crude and 28.10 million barrels of imported seaborne crude. Domestic crude therefore accounted for 79.64 per cent of total refinery feedstock during the eight-month period. NMDPRA said none of the three state-owned refineries operated by the Nigerian National Petroleum Company Limited in Port Harcourt, Warri and Kaduna recorded production during August. The figures underline the tension highlighted by the Dangote refinery in August: while domestic refining supplied the bulk of Nigeria’s petrol receipts and petrol imports fell, imported products continued to enter the market as the country’s largest refinery ended the month holding 630.9 million litres of petrol, diesel and aviation fuel stocks. The refinery had threatened to export excess petrol stocks, following concerns over continued imports and the difficulty of planning its inventory because of uncertainty over the volume of imported products entering the Nigerian market. The refinery had said imported PMS accounted for approximately 43 per cent of fuel supplied into Nigeria in July, despite its capacity to meet and exceed domestic demand. It said the continued issuance of import licences was making it difficult to determine future demand and maintain appropriate inventory levels. “As a responsible energy provider, we have always endeavoured to keep adequate reserves to satisfy local demand at all times. “However, in an environment where significant volumes of imported PMS continue to enter the market through licences issued by the regulator, and where there is limited visibility on future import volumes, it becomes commercially unsustainable to continue holding excess inventory indefinitely,” the refinery said in July. The company explained that surplus products not immediately absorbed by the domestic market would have to be exported to regional and international markets, saying its increasing export volumes were a response to excess inventory and not an inability to meet local demand. Dare Olawin Dare Olawin is a journalist at Punch Newspapers with over a decade of reporting experience. He began his career as a community reporter and now covers the energy sector, including oil, gas, electricity, and renewables. Dare’s work reflects hands-on newsroom experience, professional development through workshops and conferences, and a strong commitment to accurate and insightful journalism.

All rights reserved. This material, and other digital content on this website, may not be reproduced, published, broadcast, rewritten or redistributed in whole or in part without prior express written permission from PUNCH.

Stay informed and ahead of the curve! Follow The Punch Newspaper on WhatsApp for real-time updates, breaking news, and exclusive content. Don't miss a headline – join now!

Stay in the know—fast. Get instant alerts, breaking headlines, and exclusive stories with the Punch News App. Download now and never miss a beat.