As Nigeria grapples with the impact of the stalled naira-for-crude agreement, the importation of Premium Motor Spirit (PMS), commonly known as petrol, has risen significantly. Reports indicate that seven vessels carrying a total of 154.22 million litres of imported fuel are scheduled to arrive at various seaports across the country between Monday, March 17, and Sunday, March 23.
According to documents obtained from the Nigerian Ports Authority (NPA), these shipments—totaling 115,000 metric tonnes of PMS—will be delivered through the Tincan Port and Lekki Deep Seaport in Lagos, as well as the Calabar Port in Cross River State.
Rising Importation Amidst Dangote Refinery’s Naija-Crude Deal Suspension
This increase in petrol importation coincides with the suspension of crude oil sales in naira by the Dangote Petroleum Refinery, following failed renegotiations with the Nigerian National Petroleum Company Limited (NNPCL) over the naira-for-crude deal.
Local refiners, including the Crude Oil Refinery-Owners Association of Nigeria, have raised concerns that this move is an attempt to stifle Dangote Refinery’s operations, forcing a return to heavy reliance on fuel imports. Eche Idoko, the association’s National Publicity Secretary, emphasized that some powerful interests were displeased with Dangote’s ability to lower petrol prices and had resorted to monopolistic tactics to reintroduce full importation.
Despite the government’s push for local refining, Nigeria’s functional refineries currently supply less than 50% of daily fuel demand, requiring continued importation to bridge the gap, according to the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA).
Breakdown of PMS Shipments
An analysis of the NPA report shows the scheduled arrival of imported petrol at various ports as follows:
Monday, March 17:
- A 20,000 metric-tonne vessel docked at the Dangote Terminal at 4:03 PM.
- Two other vessels, each carrying 20,000 metric tonnes, berthed at Tincan Port and Calabar Seaport.
Thursday, March 20:
The Watson vessel (20,000 metric tonnes) arrived at Ecomarine Terminal at 3:18 PM, handled by Kach Maritime.
Friday, March 21:
The Binta Saleh ship (5,000 metric tonnes) docked at Tincan Port at midnight.
Saturday, March 22:
A vessel carrying 15,000 metric tonnes arrived at Calabar Port at 11:06 AM, managed by Peak Shipping.
Sunday, March 23:
Another 15,000 metric-tonne vessel arrived at Ecomarine Terminal at 5:10 PM.
Using a standard conversion rate of 1,341 litres per metric tonne, these shipments amount to approximately 154.22 million litres of petrol.
Rising Depot Prices
Meanwhile, depot owners have continued to raise the loading cost of petrol. Data from Thursday’s market analysis reveals that:
- Rainoil Depot increased prices from ₦835 to ₦860 per litre.
- MEN Depot also adjusted prices to ₦860 per litre despite recording no sales the previous day.
- Pinnacle Depot increased its price from ₦835 to ₦860 per litre.
- Aiteo and Nipco Depots revised their prices to ₦856 and ₦860 per litre, respectively.
These developments signal a continued reliance on imported fuel, even as the country aims for self-sufficiency in refining. Stakeholders warn that without a sustainable local refining strategy, petrol prices may remain unstable, driven by external market forces and foreign exchange fluctuations.
