A massive 332.4 million litres of Premium Motor Spirit (PMS) was imported into Nigeria between 11 and 16 May 2025, according to the latest Tanker Position Report. The total quantity of petrol imports equates to 277,000 metric tonnes of petrol discharged or pending discharge at strategic depots in Lagos, Warri, and Calabar.
The report, obtained by Petroleumprice.ng, confirms that Pinnacle Oil led the surge, receiving 152,000 MT translating to 182.4 million litres which accounts for nearly 55% of the week’s nationwide PMS deliveries.
Confirmed PMS Imports by Depot/Receiver
| Depot / Receiver | Volume (MT) | Litres (Est.) |
|---|---|---|
| Pinnacle (HAFNIA + LEYTE) | 152,000 MT | 182,400,000 litres |
| AA Rano (via AITEO/LESTE) | 30,000 MT | 36,000,000 litres |
| Sunbeth (Menj Jetty) | 20,000 MT | 24,000,000 litres |
| OBAT | 15,000 MT | 18,000,000 litres |
| Rainoil | 15,000 MT | 18,000,000 litres |
| Matrix | 15,000 MT | 18,000,000 litres |
| Prudent Energy | 15,000 MT | 18,000,000 litres |
| Mainland (Calabar) | 15,000 MT | 18,000,000 litres |
Total PMS Imported: 277,000 MT (≈332,400,000 Litres)
Conversion Rate: 1 MT = 1,200 litres
Pinnacle Leads the Charge in Import Activity
Pinnacle’s twin consignments, HAFNIA TRITON (90,000 MT) and LEYTE SPIRIT (62,000 MT) mark the largest volume discharged by a single operator in one week so far in 2025. This indicates a deliberate strategy to pre-empt market tightening triggered by rising global crude benchmarks and currency pressure on the naira.
Other significant importers include AA Rano, Matrix, and Rainoil, who are also replenishing stock aggressively ahead of potential pricing shifts across the downstream value chain.
Why the Sudden Surge in PMS Imports?
Analysts attribute the jump in petrol imports to four critical market dynamics:
- Crude Oil Rally: Brent crude trading slightly above $60/barrel is pushing up PMS landing costs.
- FX Volatility: The weakening naira is compelling importers to bring in volumes before further devaluation.
- Regulatory Flexibility: Following deregulation, depots are able to adjust ex-depot prices freely, encouraging bulk stocking.
- Speculative Trends: Marketers are reportedly holding back supply, anticipating depot-level markups next week.
Will This Result in Lower Prices at the Pumps?
Despite the influx, consumers are unlikely to see immediate price relief. Many retail outlets continue to price fuel based on cost of replacement, not necessarily availability. Reports suggest that some marketers are deliberately delaying distribution, creating artificial scarcity to maximise future margins.
However, a sustained inflow paired with stable global oil prices could offer some mid-term market relief if regulators enforce proper oversight and transparency.
Imports Still Dominate Nigeria’s Downstream Landscape
This latest spike underscores Nigeria’s continued reliance on petrol imports. Over 332 million litres were offloaded or expected at depots in a single week, more than double the weekly average of Q1 2025.
With this sharp rise, stakeholders are urging the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) to ramp up surveillance and demand accountability from depot owners and marketers, especially under the deregulated regime.
Until Nigeria’s refining capacity improves, tight FX controls, import timing, and international oil prices will remain key determinants of local petrol availability and pricing.