The Nigerian National Petroleum Company Limited (NNPCL) recently imported a massive 136.7 million litres of Premium Motor Spirit (PMS) in a single day, despite claims that the country’s local refineries are back in operation.
According to documents obtained by newsmen which revealed that the fuel shipment arrived in Nigeria on Monday, 10th February 2025, as petrol importation continues despite the revival of the Warri and Port Harcourt refineries and the commencement of production at the $20 billion Dangote Refinery.
Petrol Prices Drop Slightly
Meanwhile, further checks on Tuesday showed that fuel prices have reduced slightly at some filling stations in Lagos. MRS, which partners with Dangote Refinery, sold the cheapest at ₦925 per litre, after the refinery dropped its ex-depot price from ₦950 to ₦890 per litre. Other marketers like Mobil and SGR also reduced their pump prices to ₦940 and ₦953 per litre, respectively.
A commercial driver, Ajani Monsuru, who spoke with news-correspondent, said the reduction is barely noticeable. “Until petrol drops below ₦900 per litre, we won’t feel any relief,” he said.
Why Is Nigeria Still Importing Fuel?
Despite the resumption of operations at Warri and Port Harcourt refineries, NNPCL reportedly spent over ₦126.5 billion to bring in this latest batch of petrol. Industry experts are now questioning why Nigeria is still importing such large volumes of fuel when local refining is supposed to be back on track.
A source within the oil sector asked, “Why are we bringing in so much petrol when our daily consumption is just about 30 million litres? If the refineries are truly working, we should be seeing the impact by now.”
Dr. Ayodele Oni, an energy expert, explained that while Dangote Refinery is already refining fuel, there are challenges with sourcing crude oil locally.
“By February 2025, Dangote Refinery was operating at 85% capacity and is expected to reach full production soon. But access to crude oil has been a major problem. That’s why there’s still a need for temporary imports,” he said.
He also noted that despite official announcements, the Warri and Port Harcourt refineries may not yet be operating at full efficiency. “There are still issues with crude supply, market demand, and existing contracts. These factors are slowing down local fuel production,” he added.
The Bigger Picture
NNPCL’s continued reliance on fuel imports raises concerns about Nigeria’s energy security and economic policies. While efforts are being made to boost local refining, industry players say more needs to be done to ensure the country stops depending on foreign fuel supplies.
For now, Nigerians are left hoping that petrol prices will drop further, as local refining gains momentum in the coming months.