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NMDPRA Approves Imports of Refined Products for Q3
In a move aimed at preventing potential supply shortages in the domestic market, the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), has approved fresh imports of petrol and diesel for Q3 2026.
This was gleaned from a report by global energy intelligence firm Argus Media, published on Tuesday.
Citing regulatory and industry sources, the report stated that the latest approvals were issued to major downstream operators amid declining fuel stock levels and concerns over reduced gasoline production at the Dangote Petroleum Refinery and Petrochemicals (DPRP).
The move comes as Nigeria continues to balance increasing local refining capacity with the need to guarantee adequate supplies of petroleum products across the country.
According to the Argus report, domestic firms including AA Rano, AYM Shafa, Bono Energy, Nipco, Matrix Energy and Pinnacle Oil received permits to import Premium Motor Spirit (PMS), popularly known as petrol, during the July-September period.
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The publication further reported that the same companies, with the exception of Nipco, were granted approvals to import Automotive Gas Oil (AGO), commonly known as diesel.
The fresh approvals follow an earlier batch of petrol import permits issued by the regulator in May, covering about 720,000 metric tonnes.
Quoting a regulatory source, Argus reported that many of the companies granted the latest approvals were among those that had received permits in previous rounds. “These are some of the same ones that previously received the PMS permits,” the source was quoted as saying.
According to sources cited by the publication, AA Rano and Matrix Energy each received approvals to import 180,000 metric tonnes of petrol. AYM Shafa received approval for 120,000 metric tonnes, while Pinnacle Oil received a permit covering 150,000 metric tonnes.
For diesel imports, Argus reported that AYM Shafa obtained a permit for 60,000 metric tonnes, while Pinnacle secured approval for 45,000 metric tonnes. The report stated that the import approvals were issued only recently after being delayed from an initial target date of June 15.
The report read, “The Nigerian Midstream Downstream Petroleum Regulatory Authority has issued clean product import permits for July to address supply shortages, according to sources. Domestic firms AA Rano, AYM Shafa, Bono, Nipco, Matrix and Pinnacle received gasoline import permits, while the same companies – minus Nipco – received gasoil import permits for the third quarter, sources said.
“The recipients are some of the same ones that [previously] received the PMS [gasoline] permits,” according to a regulatory source. A regulatory source quoted by the publication said the permits were approved to forestall projected supply gaps in the country’s fuel market.
“The permits were issued to head off projected shortfalls in supply”, the source said. “Issuance is still ongoing, so the final volume cannot be determined right now. But gasoline permits will likely be above 800,000T”, the source continued.
If achieved, the projected volume would exceed the total quantity approved under the second-quarter import programme. The approvals come at a time when fuel inventories are showing signs of tightening.
According to data referenced by Argus, petrol stock sufficiency in Nigeria declined by 1.7 days to 16 days in May, while diesel stock sufficiency dropped by eight days to 31 days during the same period. Such declines often prompt regulators to take precautionary measures to ensure uninterrupted supply across the country.
The report linked the reduction in stock levels to lower gasoline production at the DPRP Lekki, Lagos.
According to figures cited by Argus, gasoline production at the refinery fell by 16 percent to 44.7 million litres per day, while diesel production increased by four per cent to 24.5 million litres daily.
Market participants quoted in the report attributed the drop in petrol output to maintenance activities on the refinery’s Residual Fluid Catalytic Cracker, one of its major gasoline-producing units.
Argus reported that a source close to the refinery described suggestions linking increased exports of low-sulphur straight-run fuel oil and the maintenance programme as “partially correct” but declined to provide additional details.
The report also noted that recent movements in international fuel prices could make imports more attractive to independent marketers.
Argus said front-month Eurobob oxy swaps, increasingly used as the benchmark for gasoline trade in West Africa, averaged $946.25 per tonne in June, down from $1,128.50 per tonne during the corresponding period in May.
Similarly, offshore Lomé ship-to-ship diesel prices averaged $1,093.50 per tonne in June, compared to $1,409.25 per tonne in May. The lower international prices are expected to improve import economics for marketers seeking to supplement domestic supply.
Despite the availability of import permits, however, the report suggested that marketers may not fully utilise all approved volumes.
According to preliminary vessel-tracking data from Kpler cited by Argus, independent marketers are expected to import about 354,000 metric tonnes of petrol during the current quarter.
The figure is substantially lower than the 720,000 metric tonnes approved under the second-quarter permit programme. The sources attributed the gap partly to the timing of the approvals, noting that marketers had limited time to execute import plans because the permits were issued midway through the quarter.
The President of Dangote Industries Limited (DIL), Aliko Dangote, has expressed support for the economic reforms of the President Bola Ahmed Tinubu administration, particularly the removal of the fuel subsidy and the liberalisation of the foreign exchange market.
The industrialist gave the commendation in Lagos on Monday at the Nigerian Exchange Group (NGX) during the formal launch of the Initial Public Offering (IPO) of Dangote Petroleum Refinery and Petrochemicals (DPRP).
He also commended Tinubu’s leadership and said the Dangote Refinery was supporting the administration’s efforts.
“I want to thank him for taking a lot of bold steps by removing the subsidy and democratising the exchange rate…” Dangote said.
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He assured that the Dangote Group would continue working with the government to contribute to Nigeria’s development.
“So, we thank you very much for your leadership and we will continue to partner with the government to ensure that we make this country great and we make Africa great,” he said.
Dangote, a former president of the Nigerian Exchange, also expressed surprise at the transformation of the bourse, saying he had not expected it to reach its current level.
“I was the president of this exchange. Even when I was inviting people to come and help me turn the exchange around to make it a world-class exchange, I never thought this exchange would be at this level in 2026,” he said.
He revealed that a more grand ceremony would be held with Tinubu in attendance.
The refinery’s IPO, which opened on Monday, offers 4.1 billion new ordinary shares at N525 per share, with a minimum subscription of 10 shares valued at N5,250.
The offer is scheduled to close on 13 October 2026, subject to the terms of the prospectus.
President of Dangote Industries Limited, Aliko Dangote, has described the Initial Public Offering of Dangote Petroleum Refinery and Petrochemicals as a “People’s IPO” as the N2.15tn offer officially opened on the Nigerian Exchange on Monday.
Dangote sounded the gong at the NGX trading floor in Lagos to formally open the offer, marking a major milestone for Nigeria’s capital market.
The IPO comprises 4.1 billion new ordinary shares priced at N525 per share, with a minimum subscription of 10 shares valued at N5,250.
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The offer, which opened on September 14, 2026, is scheduled to close on October 13, 2026, subject to the terms contained in the prospectus.
Speaking after sounding the gong, Dangote said the offering was aimed at widening public participation in the ownership of the refinery.
“We fully share all our prosperity with the people. That’s why we call this ‘People’s IPO’. We know the journey has actually just started.
“It’s not only about the refinery.”
The Dangote Refinery IPO is the first refinery offering to investors on the Nigerian stock market in the 66-year history of the Nigerian Exchange.
The offer is open to retail, institutional and eligible African investors, providing members of the public with an opportunity to acquire an interest in one of Africa’s largest industrial projects.
Dangote also disclosed that the IPO was part of a broader plan by the Dangote Group to list more of its companies on the capital market.
He said the group intended to list every company that would operate under its umbrella in the future.
“We, as a group, will list every single company that will operate. I don’t know about the others, but I know our own market cap, even at a 10 times P/E ratio by 2030, should not be less than $350 billion,” he said.
The businessman added that the Nigerian Exchange would provide a platform for the group to pursue listings on other international exchanges.
“From this exchange, then we can go to any other place.
“So, Nigeria and Africa is our base. We want to make sure that we join our continent.”
The Dangote Refinery, located in the Lekki Free Zone, Lagos, has been positioned as a major investment in Nigeria’s domestic refining capacity and efforts to reduce dependence on imported petroleum products.
The opening ceremony was attended by Lagos State Governor Babajide Sanwo-Olu, NGX Group Chairman Umaru Kwairanga, the Ooni of Ife, Oba Adeyeye Enitan Ogunwusi Ojaja II, Zenith Bank founder Jim Ovia and other dignitaries.
The N2.15tn IPO will remain open until October 13, 2026, subject to the terms contained in the prospectus.
A 0.4 percent increase from the 1.67 million bpd recorded in July saw Nigeria’s crude and condensate production rise to 1,677,777 barrels per day in August 2026.
The growth, disclosed in a statement by Head, Media and Corporate Communications, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Eniola Akinkuotu, on Sunday.
Another interesting aspect of the report is that it shows Nigeria’s consistent compliance with the Organisation of Petroleum Exporting Countries (OPEC) crude oil quota for the fourth consecutive month.
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According to the regulator, crude oil production, excluding condensates, stood at 1,500,190 barrels per day in August.
The report revealed that Nigeria meeting her OPEC quota for the fourth consecutive month, reflects continued efforts by operators to restore affected production capacity and address operational bottlenecks.
The latest increase followed the resolution of operational challenges involving the Single Buoy Mooring at the Erha field, which had affected production performance in the preceding month.
The NUPRC said the restoration of normal evacuation and production operations at the asset contributed positively to the overall output recorded during the month.
The statement read, “The NUPRC attributed the modest improvement in August production largely to the resolution of the Single Buoy Mooring operational challenges at the Erha field, which had adversely impacted production performance in the preceding month.
“The restoration of normal evacuation and production operations at the asset contributed positively to overall production volumes during the period under review.”
The regulator added that production activities across most other producing assets remained relatively stable, with operators sustaining measures aimed at improving efficiency, maintaining asset integrity and reducing operational disruptions.
According to the commission, the lowest daily crude oil and condensate production recorded in August was 1.64 million bpd, while the highest stood at 1.71 million bpd.
A breakdown of production by terminals and streams showed that the Bonny Terminal recorded the highest average output during the month, accounting for 320.04 thousand bpd.
Forcados Terminal followed with 317.40 thousand bpd, while the Qua Iboe Terminal recorded an average of 171.72 thousand bpd of crude oil and condensates.
Escravos Oil Terminal posted a daily average of 131.71 thousand bpd, while Bonga ranked fifth among the leading producing terminals with an average of 92.50 thousand bdp of crude oil.
The August output represented an increase of 6,777 bpd from July’s 1,671,000 barrels per day, based on the rounded July figure. It was also 57,621 bpd, lower than the 1,735,398 bpd recorded in June.
The June figure represented a decline of about 3.3 per cent in August when compared with the latest available June production data.
The NUPRC said the August performance reflected the industry’s continued efforts to resolve operational constraints and restore affected production capacity.
It stated, “While the increase recorded in August was modest, it reflects the industry’s continued efforts to address operational bottlenecks and restore affected production capacity.
“Stakeholders remain focused on enhancing asset reliability, improving operational resilience and advancing intervention programs to support sustained production growth in the coming months.”
The regulator further emphasised the importance of timely intervention, effective asset management and collaboration among industry stakeholders in safeguarding the country’s crude oil production capacity.
Nigeria’s oil production has remained a major focus of government efforts to increase revenue, improve foreign exchange earnings and strengthen the country’s ability to meet its OPEC production quota.
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