Nigeria's Petrol Supply Grows 26% in August Amid Price Concerns

In August, Nigeria's petrol supply increased by 26%, according to figures from the Nigerian Midstream and Downstream Petroleum Regulatory Authority. Domestic deliveries strengthened, with Petroleum Refinery supplying approximately 71% of petrol for the Nigerian market.

Average daily petrol imports decreased from 19.7 million litres in July to 14.6 million litres in August, while domestic receipts rose by 39%, from 25.8 million litres daily to 35.9 million litres. This brought total petrol receipts to 50.5 million litres per day, an 11% increase from July's 45.5 million litres.

Despite the increase in domestic refining, imported petrol still accounted for about 29% of total receipts. The Dangote refinery reported a closing inventory of 630.9 million litres of petroleum products, including 360.4 million litres of petrol.

However, the figures do not clarify whether petrol accumulated during the month or if all stored volumes were available for domestic buyers. There was no comparison of retail prices from July to August, leaving uncertainty about potential savings for motorists.