Importers of Premium Motor Spirit (PMS) are currently facing a major dilemma as products imported into the country are currently at various jetties just as a growing number of independent marketers have started pushing more for locally refined products.
Findings by New Telegraph show that at the moment, more than 2.39 billion litres of imported fuel valued at N1.77 trillion are lying waste at various depots.
According to available data, in October, 828,000 litres of PMS were shipped to the port jetties and another 1.57 billion litres in November by importers to contest with local petrol price.
However, Dangote increased its production in October 2025 by a volume of 600 million litres; 900 million litres in November and 1.5 billion litres in December even as the ex-depot price was reduced to N699 per litres against the landing price of N840 per litre.
Since December 16, 2025, Dangote Refinery has consistently loaded between 31 million and 48 million litres of PMS daily from its gantry, following market demand. Meanwhile, the Independent Petroleum Marketers Association of Nigeria (IPMAN) had also opposed the continued importation of PMS into the country. The association emphasised that the commencement of supply from Dangote Refinery had significantly improved product availability.
According to the National President, IPMAN, Abubakar Maigandi Shettima, “since supply began, marketers have consistently lifted products without any complaints.
We oppose continued importation because Dangote Refinery has the capacity to meet the country’s entire PMS demand.” Shettima stressed that members were satisfied with the reliability of supply and welcome the refinery’s commitment to direct delivery to filling stations, noting that it would stabilise the distribution and be of great benefit to consumers.
According to him, the improved access to locally refined products had eased supply pressures and boosted confidence among independent marketers, reaffirming IPMAN’s commitment to domestic refining as a sustainable solution for Nigeria’s downstream petroleum sector.
Meanwhile, the Central Bank of Nigeria’s Balance of Payments (BoP) data hae revealed that spending on imported refined petroleum products has dropped by 54 per cent from $14.58 billion in the first nine months of 2023 to $6.71 billion in the corresponding period of 2025.
A review of the CBN’s 2023 and 2024 full-year reports and the Q3 2025 BoP, revealed a steady year-onyear decline in fuel import costs. Import spending fell to $11.38 billion between January and September 2024, representing a $3.20 billion or 21.9 per cent reduction from the same period in 2023, before dropping further by $4.67 billion, or 41 per cent, in the first nine months of 2025.
