Business

Petroleum Products, Wheat, Sugar Lead Import Chart

Published

2 years ago

June 21, 2023

Despite the scarcity of petroleum products Nigerians experienced in the first quarter of 2023, Q1’23, Petroleum products led the import chart during the period with a total of 827,080 metric tons of fuel.

But industry sources told Vanguard that much of the product was diverted to the neighbouring countries.

The daily Shipping Position document from the Nigerian Ports Authority, NPA, which indicated this also showed that bulk wheat was placed second position on the chart with 433,774 metric ton. Bulk Sugar with 242,755 metric ton came third.

A breakdown of the commodities import showed that for Petroleum products, 185,546 metric tons came through the Lagos ports in January, a total of 391,425 was brought in February and the month of March recorded 155, 676 being the lowest for the month.

Some of the petroleum products include Premium Motor Spirit, PMS. Automated Gas Oil, AGO, otherwise known as Diesel, Aviation Fuel, Dual Purpose kerosene also known as DPK.

For bulk wheat, 172,851 were recorded in January, while February and March recorded 141,441 and 217,792 respectively.

During the period bulk gypsum recorded a total of 316,550 metric tons with a breakdown showing 155,470 for January, 48,680 for February while 111,100 was recorded against the month of March.

Salt also featured in the import chart as 88,750 metric ton was recorded while 66,560 metric tons of fish was also imported in the first quarter of the year.

Containerized cargoes also recorded an impressive figure as a total of 28, 596 of containers came into the country though the nation’s premier port of the Apapa quay. A breakdown of the figures showed that the month of February recorded the highest number of containerized with a record of 14,455 while January’s figure was put at 8,193 and March recorded 5,948.

For the first time in many years Char-Coal featured on the chart with a total of 49,759 metric tons came in only the month of January just as Palm oil also recorded a total of 20,999 metric ton in month of January as well.

Business

Naira Records Second Consecutive Depreciation Against US Dollar

Published

5 days ago

November 12, 2025

Editor

The Naira recorded its second consecutive depreciation against the United States dollar at the foreign exchange market on Tuesday to continue the bearish trend this week.

The Central Bank of Nigeria’s data showed that the Naira further weakened on Tuesday to N1,438.71 against the dollar, down from N1,437.2933 exchanged on Monday.

This means that the Naira again dropped by N1.42 against the dollar on Tuesday on a day-to-day basis.

At the black market, the Naira remained flat at N1465 per dollar on Tuesday, the same rate traded on Monday.

This is the second consecutive decline of Nigerian currency at the official market since the commencement of this week.

Meanwhile, the country’s external reserves had continued to rise, standing at $43.37 billion as of Monday, 10th November 2025, up from $43.35 billion on November 7.

Business

Tinubu Approves 15% Import Duty On Petrol, Diesel

Published

3 weeks ago

October 30, 2025

Editor

President Bola Tinubu has approved a 15 percent ad-valorem import duty on diesel and premium motor spirit (PMS), also known as petrol.

This was announced in a letter dated October 21, 2025, where the private secretary to the president, Damilotun Aderemi, conveyed Tinubu’s approval to the Federal Inland Revenue Service (FIRS) and the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA).

Tinubu gave his approval, following a request by the FIRS to apply the 15 percent duty on the cost, insurance and freight (CIF) to align import costs to domestic realities.

With the approval, the implementation of the import duty will increase a litre of petrol by an estimated N99.72 kobo.

The latest development has led to the Nigerian National Petroleum Company Limited (NNPCL) announcing that it has begun a detailed review of the country’s three petroleum refineries, with a view to bringing them back online.

NNPCL Group Chief Executive Officer (GCEO), Bayo Ojulari, made the announcement in a post on his official X handle on Wednesday night.

According to Ojulari, one of the options being explored by the NNPCL is to search for technical equity partners to ‘high-grade or repurpose’ the facilities.

Tagged: “Update on Our Refineries”, Ojulari said: “The NNPCL continues to remain optimistic that the refineries will operate efficiently, despite current setbacks.”

It can be recalled that despite spending about $3 billion on revamping the refineries, only the 60,000 barrels per day portion of the facility worked skeletally for just a few months before packing up.

The Warri refinery has remained ineffective weeks after it was gleefully announced to have returned to production, while the one situated in Kaduna State never took off at all.

Business

NNPCL Raises Fuel Price

Published

1 month ago

October 13, 2025

Editor

The Nigerian National Petroleum Company Limited (NNPCL) has increased the pump price of petrol from ₦865 to ₦992 per litre, marking a fresh hike that has sparked widespread concern among motorists and consumers .

As of the time of filing this report, the company has not released any official statement explaining the reason for the sudden adjustment.

During visits to several NNPC retail outlets, The Nation observed fuel attendants recalibrating their pumps to reflect the new price.

At NNPC filling station on Ogunusi road, Ojodu Berger, petrol attendants at the station said they were instructed to change the price to reflect the new rate N992 per litre.

However, checks at Ibafo along the Lagos /Ibadan expressway showed that NNPC outlets still displayed the old price of N875 per litre, although they were not selling to commuters.

Most of the NNPC stations were not dispensing fuel.