Nigeria’s petrol imports hit eight-year low in September —Report

Nigeria’s petrol imports fell to their lowest level in at least eight years in September, even as the Dangote refinery experienced temporary shutdowns and industrial action, according to a new report by Argus, a global energy market intelligence provider.

Citing data from Kpler dating back to 2017, the report published on Monday showed that the country imported 116,000 barrels per day (bpd) of seaborne petrol in September — a sharp decline from 154,000 bpd recorded in August.
This marks Nigeria’s lowest petrol import level in nearly a decade.

The report noted that the decline came amid maintenance works at Dangote’s residue fluid catalytic cracking (RFCC) unit — the plant responsible for producing petrol — as well as a brief strike action by oil workers and a drop in crude supplies.

According to Argus, the RFCC was taken offline on September 2 and was expected to resume full operations in early October.

Despite these setbacks, petrol loadings from Nigeria surged. The report revealed that total petrol shipments leaving the country stood at 77,000 bpd — the second-highest on record — with some cargoes from the Dangote refinery bound for New York Harbour.

The report said net petrol imports, therefore, dropped to just 38,000 bpd in September.

The refinery also faced a two-day industrial dispute with the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) in late September, which disrupted gas and crude supplies. The standoff was resolved at the beginning of October.

Crude deliveries to the refinery also slowed, with 375,000 bpd received in September compared to 440,000 bpd in August.

However, Argus noted that no local fuel shortages were recorded, and retail petrol prices at the refinery remained relatively stable at around N820 per litre.

“Naira-denominated domestic gasoline sales were further bolstered by the resumption of the naira-for-crude programme, under which Dangote pays local currency for domestic crude grades sourced from state-owned NNPC, and sells gasoline and diesel to the local market in naira,” the report reads.

The report added that a temporary suspension of naira-based fuel sales by Dangote refinery on September 26 was “amicably resolved”.