Dangote Refinery Imports 40.4M Barrels of Crude Oil

Dangote Petroleum Refinery imported a total of 40.4 million barrels of crude oil during May and June 2026, with expenditures amounting to $4.48 billion for feedstock purchases. In May 2026, the refinery received 21.47 million barrels valued at $2.68 billion, while in June, it received 18.93 million barrels worth $1.80 billion.

The average land cost per barrel dropped from $124.80 in May to $95.25 in June, marking a nearly 24% decline. This reduction was attributed to a shift in crude grades and improved freight conditions in the global supply market.

The imports included various grades from international suppliers, such as West African blends and others. Notably, high-priced cargoes like El Sharara and Bonga contributed to the increased costs in May, while cheaper grades helped lower costs in June.

The data indicates a significant variation in the volume and price per barrel, underscoring Nigeria's vulnerability to external price dynamics amid insufficient domestic refining capacity.