Nigeria's Petrol Stock Shortfall Despite Increased Local Supply

In August 2026, Nigeria's petrol stock was sufficient for 22.9 days of consumption, falling 7.1 days short of the 30-day strategic inventory benchmark set by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA). This represented a slight improvement from July's 22.4 days, with a 2.2% month-on-month increase.

Total daily Premium Motor Spirit (PMS) receipts rose by 11%, from 45.5 million litres per day in July to 50.5 million litres in August, with domestic receipts increasing by 39% to 35.9 million litres. Conversely, imports decreased by 26%, dropping to 14.6 million litres per day.

Despite a 14% decline in petrol consumption, which fell to 41.5 million litres per day, Nigeria's reliance on imports has decreased. The NNPCL-owned refineries did not produce during this period, while modular refineries showed varied utilization rates.

Nigeria's diesel supply position improved, with stock cover rising to 51.6 days, exceeding the NMDPRA's benchmark.