Nigeria's Petrol Imports Rise as Domestic Supply Falls

In July, Nigeria experienced a 9% increase in petrol imports as domestic refinery supply of Premium Motor Spirit (PMS) fell by 21%, marking a reversal of previous improvements in local refining capacity. Data revealed that domestic refineries supplied 25.8 million litres of petrol per day in July, down from 32.5 million litres in June.

In contrast, imported petrol receipts rose from 18.1 million litres per day in June to 19.7 million litres in July. Total daily petrol receipts decreased by 10%, from 50.6 million litres in June to 45.5 million litres in July.

This decline in domestic supply coincided with an 8% drop in crude oil receipts by domestic refineries, from 632,000 barrels per day in June to 585,000 barrels per day in July. The Dangote Refinery operated at over 71% capacity, producing an average of 25.9 million litres of petrol per day.

Additionally, the diesel market saw a 46% increase in Automotive Gas Oil (AGO) receipts, while domestic diesel supply slightly decreased.