Business
Petrol Import Jumps By 88% In 12 Months, Hits N3.97tn –Report
Published
3 years agoon
By
Editor
The value of imported Premium Motor Spirit, also known as petrol, jumped by 88.15 per cent to N3.97tn in 2021, data obtained from the National Bureau of Statistics have revealed.
The NBS report shows that the value of petrol import rose by N1.86tn or 88.15 per cent higher than the N2.11tn worth of PMS imported in 2020.
The Nigerian National Petroleum Corporation is the sole importer of petrol into the country in recent years. Private marketers are yet to resume petrol importation due to a lack of full deregulation of petrol prices and access to foreign exchange at the official rate.
The NBS report further revealed that PMS, used vehicles and durum wheat topped the list of items imported by Nigeria in 2021, jointly accounting for 28.9 per cent of the total import bill recorded in the year under review.
Following the war between Russia and Ukraine, the prices of crude oil have increased significantly in the global market, which has also affected the landing cost of petrol, indicating that Nigeria will spend more this year.
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According to the NBS report, Nigeria imported goods worth over N20.84tn in 2021, indicating an increase of 64 per cent compared to the N12.7tn recorded in the preceding year.
This is also the highest import bill recorded by Nigeria, based on available data.
Nigeria recorded a 58 per cent surge in total international trade to N39.75tn in 2021 from N25.22tn recorded in the previous year.
However, the significant surge in import bills led to a trade deficit of N1.94tn, further placing Nigeria as a net importing nation.
A further breakdown of the report indicated that Nigeria exported crude oil worth N14.41tn in 2021, which represents a 53 per cent increase compared to the N9.44tn recorded in 2020, while also accounting for 76 per cent of Nigeria’s total export earnings.
A sum of N1.29tn was spent on Nigeria’s importation of durum wheat in 2021, which accounts for 6.2 per cent of the total import bill in the year under review, and the second most imported item by value.
According to the Central Bank of Nigeria, wheat is the third most widely consumed grain in the country after maize and rice.
Nigeria imported used vehicles worth N770.13bn in 2021, representing 3.7 per cent of the total import bill recorded in the year under review.
According to the NBS, the used vehicle popularly referred to as ‘Tokunbo’ is stated as used vehicles, with diesel or semi-diesel engines, of cylinder capacity >2500cc.
Aside from the increasing cost of petrol importation, the Federal Government has also incurred increasing cost of petrol subsidy, also known as under-recovery.
In 2021, the NNPC said fuel subsidy gulped N1.43tn, although there was no record for under-recovery in January.
In February, March, April, May, and June 2021, under-recovery for PMS amounted to N25.37bn, N60.39bn, N61.96bn, N126.29bn, and N164.33bn, respectively.
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In July, August, September, October, November and December, the NNPC spent N103.28bn, N173.13bn, N149.28bn, N163bn, N131.4bn, and N270.83bn, respectively.
Economic and energy experts have continued to decry the rising cost of fuel subsidy to the Federal Government.
The World Bank and the International Monetary Fund have decried the Federal Government’s huge spending on petrol subsidy, urging the government to end the regime.
Although the Federal Government had planned to stop subsidising fuel subsidy by June 2022, the government later backtracked on the plan.
Despite the increase in the cost of fuel subsidy, Nigerians have had to pay more for fuel and transportation over the years.
PUNCH.
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Business
NNPCL Reduces Fuel Price After Dangote Refinery’s Adjustment
Published
2 weeks agoon
August 14, 2025By
Editor
The Nigerian National Petroleum Company Limited has reduced its premium motor spirit pump price on Thursday, according to DAILY POST.
It was confirmed that NNPCL retail outlets in the Federal Capital Territory, Abuja, have reduced their pump price to N890 per litre from N945.
This new fuel price has been reflected in NNPCL retail outlets such as mega station Danziyal Plaza, Central Area, Wuse Zone 4, Wuse Zone 6, and other of its filling stations in the nation’s capital.
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The latest downward review of fuel price in NNPCL outlets represents an N55 reduction in fuel pump price.
“It was reduced to N890 per litre this afternoon, down from N945,” an NNPCL fuel attendant told DAILY POST anonymously on Thursday.
This comes a Nigerian filling station, MRS Empire Energy, on Thursday adjusted their fuel pump price to N885 and N946 per litre, down from N910 and N955 per litre.
The latest fuel price reduction trend is unconnected to Dangote Refinery’s ex-depot petrol price adjustment by N30 to N820 per litre from N850 and the price of crude oil in the international market.

Dangote Petroleum Refinery has announced a reduction in the ex-depot (gantry) price of Premium Motor Spirit, PMS, commonly known as petrol, by N30, from N850 to N820 per litre, effective from August 12, 2025.
This was disclosed in a statement by the company’s spokesman, Anthony Chijiena, on Tuesday.
The 650,000-barrel-per-day plant said the move is part of its unwavering commitment to national development, assuring the public of a consistent and uninterrupted supply of petroleum products.
READ ALSO:Dangote Refinery Gets New CEO
“In line with our dedication to operational excellence and sustainable energy solutions, Dangote Petroleum Refinery will commence the phased deployment of 4,000 CNG-powered trucks for fuel distribution across Nigeria, effective August 15, 2025,” said Chijiena.
The announcement comes as the refinery prepares to commence direct fuel distribution nationwide. The development is expected to lead petroleum product marketers to reduce their pump prices in the coming days.
In Abuja, the retail fuel price stood between N885 and N970 per litre as of Tuesday evening.
Business
Indian Refiners Abandon Russia For Nigerian Crude, As Dangote Refinery Relies On US
Published
2 weeks agoon
August 11, 2025By
Editor
India Refineries have abandoned Russian crude for Nigerian crude, while domestic refiner Dangote Refinery relies heavily on West Texas Intermediate crude from the United States of America.
This followed a recent sanction threat by US president Donald Trump on India over continued patronage of Russian crude.
According to Reuters, industry sources said that Indian Oil Corporation recently bought one million barrels of Nigeria’s Agbami crude for September 2025 delivery in a tender awarded to global trader Trafigura.
Also included are one million barrels of Angola Girassol, one million barrels of US Mars, three million barrels of Abu Dhabi Murban, and two million barrels of Nigerian oil, according to Reuters.
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The report noted that the purchase is part of a broader sourcing spree that has seen Indian refiners secure millions of barrels from non-Russian sources post July 2025.
Meanwhile, Indian refiners secured purchases of Nigerian crude grades; the $20bn Dangote Petroleum Refinery in Ibeju-Lekki, Lagos, is relying on around 60 percent on US and other imoorts to feed its processing units.
Data showed that the refinery imported an average of 10 million barrels in July 2025, saying it was increasingly relying on the US for its feedstock despite the naira-for-crude deal with the Federal Government, which kicked off in October last year.
According to Reuters, the Indian Oil Corp and Bharat Petroleum have bought a million barrels of non-Russian crude billed for delivery in September and October after the US pressured India to halt purchases from Russia.
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Indian state refiners had been largely absent from the Nigerian crude market spotlight since 2022; they have in the past concentrated on Russian crude amid the Russian-Ukrainian war. However, the Indian refiners paused Russian purchases in late July 2025 after pressure from US President Donald Trump.
On the part of Dangote Refinery, data from commodities analytics firm Kpler showed that in July, US barrels accounted for about 60 percent of Dangote’s 590,000 barrels per day of crude intake, with Nigerian grades making up the remaining 40 percent.
In July, the Dangote refinery’s crude imports surged to a record 590 kbd—driven largely by US barrels overtaking Nigerian supply for the first time—amid ongoing domestic sourcing challenges, Kpler reports.
“While WTI has held a significant share in Dangote’s import slate since March, this is the first time US crude has overtaken Nigerian supply—a shift driven by several factors,” Kpler stated.
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