More Nigerian Refineries Supply Petrol as Stock Drops 7 Days Below FG’s Benchmark
- Nigeria’s petrol stock cover rose to 22.9 days in August, but remained 7.1 days below the NMDPRA’s strategic benchmark
- Domestic petrol receipts surged 39% as imports fell 26%, signalling stronger local supply and reduced dependence on foreign products
- Dangote refinery drove domestic petrol production, while diesel stocks comfortably exceeded the regulator’s 30-day strategic requirement
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Pascal Oparada is a journalist with Legit.ng, covering technology, energy, stocks, investment, and the economy for over a decade.
Nigeria recorded a significant increase in domestically supplied petrol in August 2026, reducing its dependence on imports, but the country’s fuel stock remained below the strategic level prescribed by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA).
Data for the month showed that Nigeria had Premium Motor Spirit (PMS), commonly called petrol, sufficient to cover 22.9 days of consumption.
Source: Getty Images
That left the country 7.1 days short of the regulator’s 30-day strategic inventory benchmark.
However, the August position represented a slight improvement from 22.4 days recorded in July, reflecting a 2.2% month-on-month increase in stock sufficiency.
Local petrol supply jumps as imports fall
The improvement coincided with a sharp increase in domestic petrol receipts.
Total daily PMS receipts rose by 11%, climbing from 45.5 million litres per day in July to 50.5 million litres in August.
More significantly, domestic receipts jumped by 39%, from 25.8 million litres per day to 35.9 million litres.
Imports moved in the opposite direction, falling by 26% from 19.7 million litres per day in July to 14.6 million litres per day in August.
The figures indicate that locally refined petrol accounted for a growing share of products supplied to the Nigerian market during the month.
Petrol consumption also declined by 14%, falling from 48.3 million litres per day in July to 41.5 million litres in August.
August consumption was therefore 8.5 million litres below NMDPRA's daily benchmark of 50 million litres.
Dangote drives domestic petrol supply
The Dangote refinery remained the dominant source of domestically refined PMS, recording average production of 41.94 million litres per day.
About 35.87 million litres per day was received into the domestic market, while the refinery recorded PMS exports averaging 9.73 million litres daily. It ended August with petrol stocks of 360.4 million litres.
The wider domestic refining picture, however, remained mixed.
NMDPRA data showed that NNPCL-owned refineries were not producing during the period.
Among modular refineries, utilisation varied significantly, with Edo Refinery recording 90.43%, WalterSmith 64.77%, Aradel 58.77% and OPAC 16.97%.
Diesel stock comfortably above benchmark
Nigeria's diesel supply position was considerably stronger.
Source: Getty Images
Automotive Gas Oil stock cover increased from 46.5 days in July to 51.6 days in August, placing diesel inventory 21.6 days above the regulator's 30-day strategic benchmark.
For petrol, the latest figures signal improving domestic supply and declining dependence on imports. However, despite stronger local receipts and lower consumption, Nigeria still needs to close a 7.1-day inventory gap to meet the regulator's strategic PMS stock requirement.
Marketers release fresh prices
Legit.ng earlier reported that Nigeria’s downstream petroleum market recorded significant petrol price reductions in three major cities during the trading week, with depot rates falling to as low as N1,330 per litre.
The latest weekly market review by Petroleumprice.ng showed that petrol prices declined across Warri, Port Harcourt and Calabar, while Lagos remained relatively firm at around N1,350 per litre.
Source: Legit.ng
