Fresh Fuel Alert: Nigeria Set for 154 Million Litres of Imported Petrol from 5 Vessels This Week
- Nigeria is expected to receive millions of litres of imported petrol this week through five vessels arriving Lagos and Calabar posts
- The imports are coming despite increased local refining, including the Dangote Refinery's renewed sale of petrol in naira
- Marketers say they are still importing fuel to ensure adequate supply and take advantage of favourable market prices
Legit.ng journalist Victor Enengedi has over a decade's experience covering energy, MSMEs, technology, banking and the economy.
Nigeria is expected to receive about 115,000 metric tonnes of imported Premium Motor Spirit (PMS), equivalent to roughly 154.2 million litres, this week as five fuel-laden vessels prepare to dock at ports in Lagos and Calabar.
The latest shipping schedule released by the Nigerian Ports Authority (NPA) shows that the vessels are due to arrive between Monday and Wednesday at Tin Can Island Port in Lagos and Calabar Port, highlighting that petroleum marketers are still relying on imported fuel despite the rise in local refining capacity.
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Source: UGC
The development comes shortly after the Dangote Petroleum Refinery resumed selling petrol in naira, accusing some fuel importers of withholding supplies in anticipation of possible price increases.
Most Cargoes Headed for Lagos
According to the NPA's vessel schedule, four of the five ships will discharge their cargoes at the KLT Phase 3A terminal in Tin Can Island, while one vessel is expected at the North West Petroleum & Gas terminal in Calabar.
The vessel LESTE is scheduled to arrive on Monday with 30,000 metric tonnes of PMS, while BORA will deliver 10,000 metric tonnes on the same day, Punch reported.
On Tuesday, ST ILHAAM is expected to berth with another 30,000 metric tonnes, followed by STELLAR, which is due on Wednesday carrying an additional 30,000 metric tonnes of petrol.
In Calabar, the vessel SL AREMU is scheduled to discharge 15,000 metric tonnes of PMS on Tuesday at the North West Petroleum & Gas terminal.
The shipping schedule also lists STELLAR as one of the vessels expected at the Dangote terminal in Lekki Deep Sea Port, with an arrival date of July 24.
Imports Equal More Than 154 Million Litres
Using the industry conversion rate of approximately 1,341 litres per metric tonne, the combined cargo from the five vessels amounts to about 154.2 million litres of petrol.
A breakdown of the shipments shows that each of the three vessels carrying 30,000 metric tonnes will deliver about 40.23 million litres of PMS.
The 10,000-metric-tonne cargo aboard BORA translates to roughly 13.41 million litres, while SL AREMU's 15,000-metric-tonne shipment is estimated at approximately 20.12 million litres.
Marketers Continue to Balance Imports and Local Supply
The latest petrol imports underline the continued role of foreign supplies in Nigeria's deregulated downstream petroleum market, even as domestic refining capacity has expanded significantly.
Under the liberalised market, marketers are free to source fuel from either local refineries or international suppliers, depending on price competitiveness, product availability and supply reliability.
Source: UGC
Industry stakeholders have maintained that imports remain necessary to promote market competition, guarantee adequate supply and ensure product availability across the country.
Recent industry data also indicate that while local refining output has increased, imported petrol continues to contribute to Nigeria's overall fuel supply, reflecting the ongoing transition toward greater domestic production.
Petrol price drops at depots
Meanwhile, Legit.ng earlier reported that petrol depot prices fell across major hubs in Lagos, Port Harcourt and Warri as depot owners reduced ex-depot loading rates.
Bulk Strategic, Sigmund, Optima, Matrix and other depots cut prices by between N5 and N25 per litre.
The reductions follow recent retail price cuts by NNPC and Dangote Refinery partner stations, adding more downward pressure on fuel costs.
Source: Legit.ng
