The Central Bank of Nigeria (CBN) has disbursed $1.25 billion to petroleum marketers for the importation of fuel and related products within the first quarter of 2025, despite increased output from the Dangote Refinery.
According to official data obtained from the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), about 69 per cent of Nigeria’s petrol supply between August 2024 and early October 2025 came from imports, highlighting the country’s continued reliance on foreign fuel despite domestic refining capacity.
CBN’s quarterly statistical bulletin indicated that a total of $1.259 billion was released between January and March 2025. A monthly breakdown showed that $457.83 million—representing 36.2 per cent of the total—was issued in January, $283.54 million (22.5 per cent) in February, and $517.55 million (41.3 per cent) in March.
During the same period, NMDPRA reported that 2.28 billion litres of petrol were imported—724.5 million litres in January, 760 million litres in February, and 803.7 million litres in March—marking one of the lowest quarterly volumes in recent years. Analysts interpret this as a sign of a gradual shift toward domestic refining and blending.
Industry watchers say the latest figures underscore the mounting competition between the Dangote Petroleum Refinery and fuel-importing marketers for control of Nigeria’s downstream market. The refinery, which boasts a capacity of 650,000 barrels per day, has maintained that it can meet local demand while exporting to other countries, including the United States.
However, market pricing remains the key battleground. Many marketers are reportedly switching between local and foreign suppliers based on cost efficiency rather than loyalty.
Speaking on the development, National Publicity Officer of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Mr. Chinedu Ukadike, said the decision of marketers is purely economic.
“In this business, pricing is everything,” he said. “Marketers will always source from wherever the price is lower because our profit margins are extremely slim. If imported products are cheaper, we’ll buy them. If Dangote offers a better deal, we’ll buy locally.”
He added that fluctuations in global oil prices, exchange rates, and government policies determine the price gap between imported and locally refined products.
“No marketer can afford sentiment when it comes to survival,” Ukadike stressed.
Meanwhile, the latest Energy Bulletin from the Major Energies Marketers Association of Nigeria (MEMAN) revealed a further drop in the import parity price of Premium Motor Spirit (PMS), now estimated at ₦805.46 per litre—reflecting global oil price adjustments and currency market volatility.
