Nigeria’s petrol imports fell to their lowest level in at least eight years in September, even as the 650,000-barrel-per-day Dangote Refinery underwent maintenance and grappled with labour unrest.
According to Kpler data, the country imported 116,000 barrels per day (bpd) of seaborne petrol in September, down from 154,000 bpd in August, the lowest figure recorded since 2017.
Maintenance and Strike Cut Supply
Dangote Refinery’s Residual Fluid Catalytic Cracking (RFCC) unit went offline on September 2 for scheduled maintenance. The refinery also struggled with reduced crude deliveries and a two-day strike by members of the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN), which disrupted crude and gas supplies.
The plant planned to resume full operations in early October. Market sources said the temporary shutdown and industrial action pushed net petrol imports down to 38,000 bpd, the lowest on record. Several cargoes initially meant for domestic use were diverted to New York Harbor.
Despite reduced imports, Nigeria’s total petrol loadings reached 77,000 bpd, the second-highest ever recorded, highlighting continued export activity.
Domestic Market Holds Steady
Argus data showed that 375,000 bpd of crude oil arrived in Nigeria in September, compared to 440,000 bpd in August. Despite the decline, petrol shortages did not occur, and retail prices at the Dangote Refinery stayed stable around ₦820 per litre (55 cents).
The naira-for-crude programme also helped ease supply pressure. Under the scheme, Dangote pays the Nigerian National Petroleum Company Limited (NNPCL) in naira for local crude and sells refined fuel domestically. The Ministry of Finance confirmed that a brief suspension of the arrangement on September 26 was “amicably resolved.”
Dangote estimated domestic petrol demand at 40 million litres per day (252,000 bpd) in September.
Regional and Global Trends
The shutdown of the RFCC unit caused a rise in non-oxy petrol barge cracks to Brent crude, which hit a 16-month high of $21.17 per barrel on September 17, according to traders.
Nigeria, once the fifth-largest petrol importer in 2024, has seen imports fall more than 40% from 162,000 bpd in January to below 100,000 bpd. It now ranks eighth globally, though it remains the largest buyer of European petrol, albeit at half last year’s levels.
In September, the EU, UK, and Norway collectively exported 78,000 bpd of petrol to Nigeria, one of the lowest on record. Libya imported 89,000 bpd, making it Europe’s second-largest export destination after the US.