Petrol import crashes from 5.9m litres/day to 3.7m litres
Nigeria’s spending on Premium Motor Spirit (PMS) in April soared to N2.054 trillion amid rising pump prices and tightening supply dynamics, as the Dangote Refinery and other domestic refiners received a combined 39.2 million barrels of crude from local producers between March and April.

This is according to the April State of the Industry fact sheet released in Abuja yesterday by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA).

In April, with the average retail price of PMS hovering around N1,340 per litre, the NMDPRA said daily consumption stood at 51.1 million litres, translating to about N68.4 billion per day. This pushed total monthly consumption to approximately 1.5 billion litres, valued at N2.054 trillion.

In March, daily consumption was lower at 47.3 million litres per day, while daily supply from domestic refinery and import stayed at 40.1 million litres per day in April and slightly increased to 44.4 million litres per day.

According to NMDPRA, importation crashed from 5.9 million litres per day in March to 3.7 million litres in April.

Further analysis of the data shows that crude supply to domestic refineries declined from 674,000 barrels per day in March to 612,000 barrels per day in April, representing a drop of about 62,000 barrels per day or roughly nine per cent. The contraction suggests tightening feedstock availability, despite growing refining capacity within the country.

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC), however, disclosed last week that local producers are making more crude available to domestic refiners, but pricing differences stalled take-off.

Total PMS supply increased from 40.1 million litres per day in March to 44.4 million litres per day in April as the growth was driven largely by domestic refining, which expanded from 34.2 million litres to 40.7 million litres per day, while imports fell sharply from 5.9 million litres to 3.7 million litres per day.

The development shows Nigeria’s accelerating shift towards local refining and import substitution, with domestic producers increasingly meeting national demand. A similar pattern was observed in the diesel segment, where local production surged from 3.9 million litres per day to 8.5 million litres per day, while imports plunged from 6.4 million litres to 1.7 million litres per day.

In the liquefied petroleum gas (LPG) market, imports were eliminated in April, with a total supply of 4.5 kilotonnes per day sourced entirely from domestic production. However, overall LPG supply dipped slightly from 4.7 kilotonnes per day recorded in March, suggesting possible distribution or production constraints.

Aviation turbine kerosene (ATK) supply recorded one of the strongest gains, rising from 1.7 million litres per day in March to 2.6 million litres per day in April, an increase of over 50 per cent, reflecting improved refinery output and heightened aviation activity.

On the demand side, consumption increased across most key products. PMS consumption rose from 47.3 million litres per day to 51.1 million litres per day, while diesel consumption climbed from 14.5 million litres to 17.3 million litres per day. Aviation fuel consumption also increased from 2.1 million litres to 2.5 million litres per day. In contrast, LPG consumption declined from 5.1 kilotonnes per day to 4.8 kilotonnes per day, indicating possible affordability pressures among households.

Meanwhile, stock sufficiency levels declined significantly, raising concerns about supply buffers and an indication of the new import licences offered last, which were for the import of 600,000 metric tonnes of petroleum products. PMS stock cover dropped from 21.2 days in March to 17.7 days in April, while diesel reserves fell sharply from 55.4 days to 39.0 days.

Marketers had warned that the shrinking buffers, combined with rising demand, could expose the market to short-term supply shocks if disruptions occur.

In the gas segment, domestic supply improved from 4.888 billion standard cubic feet per day in March to 5.142 billion standard cubic feet per day in April, supporting power generation, industrial activity and LPG production.