With over 70 per cent of Premium Motor Spirit (PMS) now being produced locally, marketers are losing 33 million litres valued at N31.2 billion daily or N936.5 billion monthly on price differentials.
Findings by New Telegraph revealed that the impact sarted manifesting in the last three months when import fell to 14.7 million litres valued at N13.9 billion daily.
Industry data has so far revealed that Dangote Refinery alone has taken over 71.7 per cent or 33 million litres of the 46 million litres of Premium Motor Spirit (PMS) being consumed daily in Nigeria amid hot competition with oil marketers.
Following the improved daily production, local supply has hit 3.96 billion litres valued at N3.28 trillion in the last four months, while imports have dropped to 14.7 million litres daily, according to Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMD PRA).
Further findings indicated that due to low imports, only 120,000 tonnes (120 million litres) were expected last week at Kirikiri Lighter Terminal (KLT) Phase 2, Pinnacle Jetty and New Oil Jetty (NOJ).
According to the Nigerian Ports Authority (NPA)’s shipping data, Westmore with 15,000 tonnes offloaded its consignment at KLT Phase 2, Hafnia Triton, 90,000 tonnes at Pinnacle Jetty and Lausu, 15,000 tonnes, New Oil Jetty (NOJ).
Also, records revealed that in January 2025, the country local refiners produced 1.47 billion litres; February, 1.34 billion litres and March, 1.47 billion litres. However, it was learnt that the current foreign exchange rates at N1,640/$1 had destabilised marketers, who sell their products at N946 per litre from competing with the local refiners pricing at N825 per litre.
In March, marketers imported 755.7 million litres and 1.47 billion litres in April with an average of 25.19 million daily being sold at N948 per litres.
Also, the NMDPRA data indicates that daily imports of PMS fell from 44.6 million litres in August 2024 to 14.7 million litres as of April 13, 2025, representing a sharp drop of about 30 million litres or 67 per cent.
Recall that Dangote had complained that some cabals within major marketers and traders were fighting against the survival of his refinery but the Executive Secretary of the Depot and Petroleum Products Marketers Association of Nigeria, Olufemi Adewole, said marketers only wanted to keep their businesses running by importing fuel.
Adewole admitted the existence of vested interests among private depot owners, who had invested billions of naira over the years to keep fuel flowing to Nigerians.
The executive secretary alleged that the Dangote refinery had not been able to meet even the current reduced local consumption needs, saying that private depot owners continued to bear the bulk of fuel distribution burden across the country.
Meanwhile, refiners had agreed with the Federal Government to sell petroleum products in naira in exchange for the sale of crude oil in the local currency last year as the agreement was meant to reduce the impact of foreign exchange on the sale of crude oil and petroleum products and reduce pressure on the naira.
