Dangote and PH refineries produce, but fuel imports still dominate Nexovant
- Oil marketers have continued to import petrol into the country despite earlier agreement to patronise local refineries
- Documents obtained from the Nigerian Ports Authority revealed that petrol importation by marketers has persisted
- The data collected showed that imported petrol was docked at the Apapa Port, Tin Can Port and the Calabar Port
Legit.ng journalist Victor Enengedi has over a decade’s experience covering Energy, MSMEs, Technology and the Stock Market.
Although two major refineries in Nigeria began producing petrol in the past three months, oil marketers have continued to rely on imports to supply the product nationwide.
Information obtained last week revealed that marketers imported 2.3 billion litres of petrol between September 11 and December 5, 2024.
Newly obtained documents from the Nigerian Ports Authority revealed that marketers have persisted in importing fuel. Photo credit – Dangote Group, NNPC
Source: Facebook
Marketers continue importation
This persistent importation contradicts earlier announcements by some marketers who had expressed plans to stop importing and shift focus to locally refined products.
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The domestic refineries include the 650,000 barrels per day (bpd) Dangote Petroleum Refinery in Lagos and the 210,000bpd Port Harcourt Refining Company (PHRC) in Rivers State, with PHRC currently operating its older plant with a capacity of 60,000bpd.
The Dangote refinery began selling petrol in September, while PHRC’s Area 5 facility started production in November.
According to PUNCH, newly obtained documents from the Nigerian Ports Authority revealed that marketers have persisted in importing fuel.
The imported products were transported via three vessels, which docked at the Apapa Port and Tin Can Port in Lagos State, as well as the Calabar Port in Cross River State.
This situation suggests that the recent discussions led by NNPCL Group Chief Executive Officer, Mele Kyari, alongside the Nigerian Midstream and Downstream Petroleum Regulatory Authority, aimed at halting petrol imports into the country, may not have achieved the desired outcome.
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Dangote slashes petrol prices to N899.50/litre
In related news, Legit.ng reported that Dangote Refinery has announced a reduction in the price of its petrol, slashing it from N970 to N899.50 per litre.
The refinery noted that the price reduction is intended to ease the financial burden on Nigerians during the Yuletide period, which often sees a spike in transportation needs.
It added that consumers purchasing fuel on a cash basis would be allowed to buy an additional litre of petrol on credit for every litre purchased, with a bank guarantee from Access Bank, First Bank, or Zenith Bank.
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Source: Legit.ng
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