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

NNPCL Reduces Fuel Price After Dangote Refinery’s Adjustment

Published

2 weeks ago

August 14, 2025

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.

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.

Business

Dangote Refinery Reduces Fuel Price

Published

2 weeks ago

August 12, 2025

Editor

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.

Business

Indian Refiners Abandon Russia For Nigerian Crude, As Dangote Refinery Relies On US

Published

2 weeks ago

August 11, 2025

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.

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.