Nigeria’s Premium Motor Spirit (PMS) buffer stood at 22.9 days in August 2026, leaving the country 7.1 days below the 30-day strategic inventory benchmark set by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA). The position improved marginally from 22.4 days in July, representing a 2.2 per cent month-on-month increase in stock sufficiency.
The improvement came as total PMS daily receipts increased by 11 per cent, from 45.5 million litres per day in July to 50.5 million litres per day in August. Domestic receipts rose significantly by 39 per cent, from 25.8 million litres per day to 35.9 million litres per day, while PMS imports declined by 26 per cent, from 19.7 million litres per day to 14.6 million litres per day.
At the same time, PMS consumption fell by 14 per cent, from 48.3 million litres per day in July to 41.5 million litres per day in August. The August figure was 8.5 million litres per day below NMDPRA’s 50 million-litre daily benchmark, equivalent to a 17 per cent variance below the benchmark.
Despite the improvement in receipts and the lower consumption level, PMS inventory remained below the regulator’s strategic threshold. At 22.9 days, the stock position was 23.7 per cent below the 30-day benchmark, although the deficit narrowed from 7.6 days in July to 7.1 days in August.
Domestic refining accounted for a substantial share of August’s PMS supply. The Dangote refinery recorded average PMS production of 41.94 million litres per day, while 35.87 million litres per day was received into the domestic market. The refinery also recorded 9.73 million litres per day in PMS exports and ended the month with 360.4 million litres of PMS stock.
However, the broader refining landscape remained uneven. NMDPRA reported that the NNPCL refineries were not producing during the period, while modular refinery utilisation varied across operators. WalterSmith recorded 64.77 per cent utilisation, Edo Refinery 90.43 per cent, Aradel 58.77 per cent and OPAC 16.97 per cent.
The PMS inventory position also contrasts with Automotive Gas Oil (AGO), whose stock cover increased from 46.5 days in July to 51.6 days in August, an 11 per cent improvement. AGO therefore stood 21.6 days above the NMDPRA’s 30-day strategic benchmark.
The August data point to a narrower, but still significant, PMS inventory gap. Higher domestic receipts, lower imports and weaker consumption improved the supply position during the month, but the country remained below the regulatory stock-cover requirement, leaving 7.1 days to be added to PMS inventory to meet the 30-day benchmark.