Competition for Dangote As 8 Nigerian Companies Import 332m Litres of Petrol

• About eight oil marketers have decided to import petrol into the country despite the presence of the Dangote Petroleum Refinery
• This development is set to create a price competition, as the marketers will attempt to have a slice of the petrol market share
• It has been confirmed that Dangote Refinery is the major producer of petroleum products in Nigeria

Legit.ng journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends.

Eight domestic oil companies have imported a massive 332.4 million litres of petrol between May 11 and 16, 2025.

This is according to data from the latest Tanker Position Report.

The total volume, equivalent to 277,000 metric tonnes (MT), was discharged or scheduled for discharge at key coastal depots in Lagos, Warri, and Calabar.

The development comes amid increasing competition in the downstream market, where Dangote Refinery is expected to begin full-scale retail operations soon.

Oil companies import petrol in Nigeria

Petroleumprice.ng reports that Pinnacle Oil emerged as the company with the highest stock, accounting for more than half of the country’s petrol inflow during the six days.

The company received two major consignments a 90,000 MT from the HAFNIA TRITON and 62,000 MT from the LEYTE SPIRIT, totalling 152,000 MT or approximately 182.4 million litres.

Other key importers include AA Rano (30,000 MT), Sunbeth (20,000 MT), OBAT, Rainoil, Matrix, Prudent Energy, and Mainland Oil, each bringing in 15,000 MT.

All together, the eight companies contributed to an increase in petrol supply as marketers reposition for volatility in crude prices and forex markets.

Confirmed PMS Imports (May 11–16, 2025):

• Pinnacle Oil: 152,000 MT (182.4m litres)
• AA Rano: 30,000 MT (36m litres)
• Sunbeth: 20,000 MT (24m litres)
• OBAT: 15,000 MT (18m litres)
• Rainoil: 15,000 MT (18m litres)
• Matrix: 15,000 MT (18m litres)
• Prudent Energy: 15,000 MT (18m litres)
• Mainland (Calabar): 15,000 MT (18m litres)

Factors driving petrol import in Nigeria

It is reported that the increase in imports is being driven by four key factors:

• Crude oil rally: Brent crude traded above $60 per barrel last week, increasing PMS landing costs.
• FX pressures: The weakening naira is prompting importers to frontload volumes before potential devaluation.
• Regulatory freedom: Since deregulation, depot owners can freely adjust prices, incentivising bulk purchases.
• Speculative buying: Some marketers are reportedly holding stock to benefit from anticipated price markups.

Depot owners review PH, Warri refineries

Earlier, Legit.ng reported that the Depot and Petroleum Products Marketers Association of Nigeria (DAPPMAN) revealed that the Nigerian National Petroleum Company Limited (NNPC) refineries are not producing Premium Motor Spirit (PMS), also known as petrol.

The DAPPMAN noted that its members are currently unable to purchase from the refineries, citing their limited output of petrol-grade products.

Olufemi Adewole, DAPPMAN’s Executive Secretary, said that while the revamped Port Harcourt and Warri refineries are operational, they are primarily producing naphtha, not petrol.

Proofreading by James Ojo, copy editor at Legit.ng.

Source: Legit.ng