Between Monday, March 17, and Sunday, March 23, a total of seven vessels are expected to berth at various seaports across Nigeria, delivering a combined 115,000 metric tonnes (about 154.22 million litres) of imported Premium Motor Spirit (PMS), commonly known as petrol. This development aims to address the ongoing fuel supply challenges in the country, with shipments arriving at the Tincan Port, Lekki Deep Seaport, and Calabar Port.
The move follows a drop in the landing cost of imported petrol, now priced at N797 per litre, and the suspension of sales of petroleum products in naira by the Dangote Petroleum Refinery. The refinery’s decision to halt the naira-for-crude deal with the Nigerian National Petroleum Company (NNPC) has been controversial, with domestic crude refiners arguing that it undermines local refining efforts and pushes the country back toward heavy reliance on imported fuel.
The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has previously noted that the country’s operational refineries meet less than 50% of the nation’s daily petrol consumption, leading to continued importation to fill the gap. Despite growing local refining capacity, the importation of refined petroleum products persists as a significant component of the country’s fuel supply chain.
An NPA document detailing the importation logistics indicated that the first shipment, carrying 20,000 metric tonnes of petrol, arrived at the Dangote terminal on March 17. Other vessels followed suit, with shipments arriving at Tincan and Calabar ports throughout the week. These deliveries are expected to further alleviate some of the supply shortages across the country, but depot owners have continued to increase the loading cost of petrol. Several depots, including Rainoil, MEN, Pinnacle, Aiteo, and Nipco, have raised their prices from N835 to as high as N860 per litre.
The continued importation of fuel despite Nigeria’s growing refining capacity raises concerns about the future of local refineries, particularly the Dangote refinery, which aims to reduce the nation’s dependency on fuel imports. Meanwhile, the authorities are working to secure more stable, locally sourced fuel supplies, but the push for imports continues amidst regulatory and financial challenges in the sector.
SOURCE: TV360
