• Daily consumption falls to 56.9ml
• Dangote Refinery slashes price to N1,075

Nigeria has reduced Premium Motor Spirit (PMS) importation from Europe by 60 per cent to N769 billion in one month. Findings revealed that 1.9 billion litres of petrol worth N1.99 trillion was shipped in December 2025, as against only 40 per cent or 769 million litres of the fuel valued at N796 billion was ferried to the country in January, 2026, leading to N1.2 trillion cut in imports.

Current developments have also revealed that the ongoing conflicts in the Middle East will further trim the import as over 2,000 vessels have declined to sail through the Strait of Hormuz. Also affected is the Malta blending hubs, where imports of the fuel fell to 28 million litres daily in January 2026 compared to December 2025.

According to a data analytic company, Kpler, the 2026 fuel imports marks a turning point in the Atlantic Basin, noting that the Nigerian refining capacity was replacing traditional European supply, leading to drastic reduction in the volume of European PMS in Nigerian market.

This week, Nigerian Ports Authority (NPA)’s shipping data indicated that Matrix S. Ilu would berth with 15,000 tonnes of petrol at Delta Port’s jetty, adding that Capt Gregory, would also berth at Lagos Port jetties with15,000 tonnes.

Also, the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) noted that Nigeria’s reliance on imported petrol had dropped significantly, saying little importation from Malta was just covering supply shortfalls. Imports from Malta to Nigeria started dropping in December 2025 as blended PMS petrol was estimated at 180,000 metric tonnes a month.

Meanwhile, a National Bureau of Statistics (NBS) data had indicated that an average price of one litre of petrol (PMS) in January 2026 was about N1,034.76 per litre. Also, as at last week, data from the Major Energies Marketers Association of Nigeria revealed that the landing cost of imported petrol was approximately N809.83 per litre because of the current market volatility due to conflicts in the Middle East, leading to adjustments in retail prices at filling stations to between N1,000 per litre and N1, 050 per litre per litre in various locations across Nigeria as of March 9, 2026.

Recall that NMDPRA had said in 2025 that there had been a steady improvement in daily domestic production as capacity increase in January with 22.66 million litres; February, 22.42 million litres; March, 20 million litres; April, 20.35 million litres; May, 17.85 million litres; June, 17.82 million litres; July, 16.50 million litres and August, 21.19 million litres.

Also, between October and December 2025, more than 3.7 billion litres of imported fuel valued at N1.77 trillion imported by marketer are still in circulation over high price and low demand by independent marketers, who prefer to patronise affordable locally produced PMS from Dangote Petroleum Refinery and other refiners.