Dangote refinery gets five of 15 crude cargoes monthly
The average retail price of Premium Motor Spirit (PMS), also known as petrol, rose marginally in February 2026, even as prices remained significantly lower than a year earlier, according to the latest report by the National Bureau of Statistics (NBS).
 
This was as the Chief Executive Officer (CEO) of Dangote Refinery, David Bird, said the facility “receives far below” its agreed crude oil supply under the Federal Government’s crude-for-naira arrangement.
 
The NBS data showed that consumers paid an average of N1,051.47 per litre in February, representing a 1.62 per cent increase from the N1,034.76 recorded in January. However, on a year-on-year basis, the price declined by 15.60 per cent from N1,245.80 in February 2025.
 
The figures point to a period of relative price stability in recent months, following sharp adjustments seen over the past year.

Analysis of state-level data highlights wide disparities in petrol prices across the country. Yobe recorded the highest average price at N1,134.73 per litre, followed by Sokoto at N1,116.81 and Akwa Ibom at N1,109.44.
 
At the lower rung, Lagos posted the lowest average price at N966.61, with Oyo and Kaduna among the lowest at N973.45 and N1,000.07, respectively.
 
The difference between the highest and lowest states stood at N168.12 per litre, underscoring ongoing supply and distribution challenges, particularly in the northern parts of the country.
 
Zonal analysis further reflects this pattern. The North-East recorded the highest average price at N1,084.41, driven largely by higher costs in states such as Yobe, Borno and Gombe.
 
In contrast, the South-West had the lowest zonal average at N1,023.89, supported by relatively lower prices in Lagos and Oyo.
 
Other zones showed moderate price levels, with the North-Central averaging N1,044.20 and the North-West N1,044.79. The South-East and South-South recorded N1,058.75 and N1,056.33, respectively.

Month-on-month movements were uneven across states. Some areas recorded notable increases, including Sokoto (up 9.57 per cent), Niger (9.06 per cent) and Gombe (8.77 per cent). Yobe also saw a sharp rise of 7.99 per cent.
 
Conversely, declines were recorded in states such as Rivers (down 11.21 per cent), Nasarawa (-9.26 per cent) and Cross River (-8.80 per cent), suggesting local supply dynamics continue to influence retail pricing.

BIRD, during an interview on Arise News yesterday, noted that the refinery gets only about five cargoes of crude monthly, against an expected 13 to 15 cargoes.
 
He said the shortfall affected the refinery’s ability to fully optimise local crude supply despite existing agreements.
  
“What we see under that agreement, we should be getting about 13 to 15 cargoes a month. That’s what we could process to meet the domestic fuel requirements. We’re only getting five. So, that’s an underperformance against that pre-agreed volume contract,” he said.
 
According to him, the gap forced the refinery to source preferred Nigerian crude grades from the international market at higher costs.
 
He explained that the crude-for-naira policy was designed to stabilise Nigeria’s foreign exchange market rather than provide financial advantages to the refinery, noting that the company still purchases crude at international benchmark prices.