Nigerian Petrol Imports Hit 8-Year Low in September Despite Dangote Maintenance
By Naija Enquirer Staff
Nigeria’s petrol imports fell to their lowest level in at least eight years in September, even as the Dangote refinery carried out maintenance and faced brief disruptions from a workers’ strike.
Sharp Decline in Imports
According to Argus Media, the country imported about 116,000 barrels per day (b/d) of seaborne petrol in September, down from 154,000 b/d in August. Data from Kpler shows this marks the lowest import volume since records began in 2017.
The decline occurred despite ongoing work on the refinery’s Residue Fluid Catalytic Cracking (RFCC) unit, which was taken offline on 2 September and was scheduled to resume full operations in early October.
Union Disruptions and Refinery Operations
Towards the end of September, a dispute between Dangote Refinery and the oil workers’ union, PENGASSAN, led to a two-day strike that affected crude and natural gas supply. The issue was resolved at the start of October.
Crude deliveries to the refinery fell to 375,000 b/d in September from 440,000 b/d in August, yet no domestic fuel shortages were reported. Petrol prices remained steady at around ₦820 per litre (55¢/l).
Domestic Stability and Naira-for-Crude Programme
The stability in supply was supported by the resumption of the Naira-for-Crude programme, allowing Dangote to purchase domestic crude in naira and sell refined products locally in the same currency. A one-day suspension of naira fuel sales on 26 September was later “amicably resolved,” according to the Ministry of Finance.
“Despite temporary disruptions, Nigeria maintained domestic fuel stability through proactive policies and cooperation between industry stakeholders,” a market observer noted.
Exports and Global Rankings
Interestingly, Nigeria’s petrol exports surged to their second-highest level on record at 77,000 b/d, with some shipments bound for New York Harbor. However, net imports fell to a new low of 38,000 b/d in September.
Data also revealed that Nigeria’s average petrol imports dropped by over 40% between January and September 2024, to around 162,000 b/d. This decline pushed the country from the fifth to the eighth-largest petrol importer globally.
Meanwhile, the EU, UK, and Norway delivered only 78,000 b/d of petrol to Nigeria in September, the lowest on record. Libya overtook Nigeria as Europe’s second-largest export destination, after the United States.
Stable Demand and Market Outlook
Dangote estimated domestic petrol demand at about 40 million litres per day (252,000 b/d) in September, suggesting that local consumption remains strong despite reduced import volumes.
Analysts say the trend underscores Nigeria’s gradual move toward energy independence, supported by rising domestic refining capacity and stable fuel distribution networks.
