Business
Petrol Imports Surge 59.5% Despite Higher Local Refining Output
Nigeria’s petrol imports rose sharply in May 2026, increasing by 59.5 percent month-on-month despite stronger production from domestic refineries led by the Dangote Petroleum Refinery and Petrochemicals (DPRP).
Latest data released by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) showed that average daily imports of Premium Motor Spirit (PMS), popularly known as petrol, climbed to 5.9 million litres per day in May from 3.7 million litres per day recorded in April.
The increase indicates that oil marketers continued to rely on imported products to complement local supplies, even as domestic refineries accounted for the overwhelming share of fuel distributed across the country.
According to the NMDPRA’s Midstream and Downstream Petroleum Statistics, Nigeria’s total petrol supply increased to 47.4 million litres per day in May, compared with 44.4 million litres per day in April, representing a 6.8 percent rise.
Domestic refineries supplied 41.5 million litres per day during the month, while imported products accounted for 5.9 million litres per day. This means that locally refined products contributed nearly 88 percent of total petrol supply nationwide, underscoring the growing importance of domestic refining in meeting the country’s energy needs.
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The latest figures highlight the continuing transition of Nigeria’s downstream petroleum sector from heavy dependence on imported fuel to increased reliance on local refining capacity.
However, despite the rise in petrol availability, crude oil deliveries to local refineries declined during the review period.
Refiners received an average of 578,000 barrels of crude oil per day in May, down from 612,000 barrels per day in April, representing a decrease of 5.6 percent.
Industry observers say the development suggests that while local refining capacity continues to expand, refiners may still be facing operational and feedstock challenges that require supplementary imports to bridge supply gaps and maintain market stability.
Private refineries remained the major drivers of domestic fuel production during the month.
The DPRP retained its dominant position in the market, supplying 41.5 million litres of petrol daily in May, up from 40.7 million litres per day in April. The refinery recorded an average capacity utilisation rate of 101.25 percent and reportedly operated at full capacity on most production days during the month.
Other private refineries posted varying levels of operational performance.
WalterSmith Refinery achieved a capacity utilisation rate of 65.31 percent, while Edo Refinery and Petrochemicals recorded 91.66 percent utilisation. Aradel Refinery operated at 62.94 percent capacity utilisation during the period.
In contrast, the Nigerian National Petroleum Company Limited (NNPC Ltd) owned Warri and Kaduna refineries remained inactive, recording no production despite ongoing rehabilitation and revamp efforts.
The continued inactivity of the state-owned refineries further highlights the growing role of private-sector investment in Nigeria’s refining industry and the increasing contribution of privately owned facilities to national fuel security.
A review of the NMDPRA supply data for the first five months of 2026 shows a broad decline in petrol imports as local refining capacity strengthened, although monthly fluctuations persisted.
In January, petrol imports averaged 24.8 million litres per day, while domestic refineries supplied 40.1 million litres daily. Imports fell dramatically to 3 million litres per day in February, although local refinery output also declined to 29.4 million litres per day during the same period.
By March, imports rebounded to 5.9 million litres per day, while domestic production improved significantly to 34.2 million litres per day. The upward trend continued in April when local refinery output rose to 40.7 million litres per day and imports eased to 3.7 million litres per day.
In May, domestic supply increased further to 41.5 million litres per day, while imports returned to 5.9 million litres per day.
Despite the latest jump, petrol imports remain substantially below January levels, pointing to a structural shift in Nigeria’s fuel supply chain following the expansion of local refining operations.
The data comes as Nigeria’s crude oil production also showed signs of improvement. Recent industry figures indicate that average daily crude oil output rose to 1.53 million barrels per day in May from 1.489 million barrels per day in April, an increase of 41,000 barrels per day.
The increase marked Nigeria’s first return above its production quota under the Organisation of Petroleum Exporting Countries (OPEC) since mid-2025, providing additional support for the country’s efforts to strengthen domestic refining and reduce dependence on imported petroleum products.
Chevron Nigeria won the second-best exhibitor award at the just-concluded 2026 Nigerian Association of Petroleum Explorationists (NAPE) conference and exhibition at Eko Hotels and Suites, Victoria Island, Lagos.
Biztellers reports that Olajumoke Cecilia Ajayi, FNAPE, NAPE President (2025–2026) and Managing Director/CEO of Ingentia Energies Limited, presented the award to Chevron, during the awards dinner on November 12, 2026.
The award is in recognition of Chevron’s outstanding exhibition, where visitors to its booth, particularly students, took part in Geology/Geophysics presentations and quizzes, word games, and Human Resources/Nigerian Content presentations and quizzes, with gifts for winners and participants.
Commenting on the award, the leader of the Chevron’s exhibition team, Dr. Victor Anyaegbudike, Manager Communications, Chevron companies in Nigeria and the Mid Africa Region, commended NAPE for its commitment to hosting the annual conference and exhibition. He noted that Chevron has operated in Nigeria for over 60 years, contributing to the country’s growth and development and making human investments that yield long-term, transformative returns.
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“At Chevron Nigeria, we drive innovation and investment to open up opportunities for growth, jobs, productivity and lasting value. Forums like the NAPE conference and exhibition matter because they bring government, academia, students and industry together around shared goals and a better understanding of one another,” he remarked.
Victor noted that Chevron is committed to building productive, collaborative and mutually beneficial relationships, grounded in trust, with governments, partners, customers, communities and employees. “We believe that affordable, reliable and ever-cleaner energy is vital to a more prosperous and sustainable world,” he said.
Attendees at the NAPE conference and exhibition included representatives of the Federal Government of Nigeria, industry regulators, industry leaders, academics, and students from tertiary institutions across the country.
The Nigerian Exchange Limited (NGX) recorded a 1.36 per cent weekly gain as its market capitalisation increased to ₦163.80 trillion at the close of trading on Friday, November 13, 2026.
The NGX All-Share Index (ASI) rose to 252,269.16 points, pushing the market’s year-to-date return to 62.11 per cent.
The performance reflected a positive trading week for the equities market, with 43 listed companies recording price appreciation, compared with 29 in the previous week.
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According to the Exchange’s weekly market report, investors traded 8.03 billion shares valued at ₦185.36 billion in 160,836 deals during the week.
This represented a significant increase in trading volume from the 2.83 billion shares exchanged in 192,158 deals in the preceding week, although the total value of transactions declined from ₦208.41 billion.
The Financial Services Industry dominated trading activities, accounting for 4.85 billion shares worth ₦95.79 billion. This represented 60.45 per cent of the total equity turnover volume and 51.68 per cent of turnover value.
The Agriculture Industry followed with 2.24 billion shares valued at ₦22.78 billion, while the Consumer Goods Industry recorded 260.99 million shares worth ₦11.89 billion.
Further details of the market performance showed that 39 equities declined during the week, compared with 57 in the previous week, while 64 equities closed unchanged against 60 recorded in the preceding period.
On the gainers’ chart, Champion Breweries Plc emerged as the best-performing stock, appreciating by 27.27 per cent, while LivingTrust Mortgage Bank Plc recorded the biggest loss, declining by 18.53 per cent.
Meanwhile, trading in Exchange-Traded Products (ETPs) stood at 1.21 million units valued at ₦278.97 million in 3,351 deals, compared with 1.46 million units worth ₦381.82 million in 4,085 deals in the previous week.
The fixed-income segment recorded 156,612 units valued at ₦177.88 million in 41 deals, against 21.99 million units worth ₦20.60 billion in 48 deals recorded in the preceding week.
The Exchange also recorded the listing of two commercial paper instruments issued by Thrive Agric Limited.
The instruments comprised ₦3.17 billion Series 1 (Tranche A) and ₦2.09 billion Series 1 (Tranche B) Commercial Papers, with a combined value of approximately ₦5.26 billion.
Nigeria produced a daily average of 1.687 barrels of crude oil and condensate in October 2026, and met its OPEC quota for the sixth consecutive month.
Data from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) showed that in strict crude oil terms (excluding condensate), the country produced an average of 1.51mbpd in October.
This is 101 percent of the 1.5mbpd quota set by OPEC.
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The data, released on Wednesday, also shows that single-day production hit a peak of 1.79 million barrels, while the lowest for the month under review stood at 1.60 million bpd.
The crude oil data (excluding condensate) shows that Nigeria has met its assigned OPEC quota for six straight months, producing 1.53mobpd in May; 1.55mobpd in June; 1.51mobpd in July; 1.5mobpd in August, 1.53mobpd in September and 1.51mobpd in October.
On a month of month basis, however, production dipped by 1.7 percent.
The NUPRC attributed the stable performance in recent months to an enhanced operational stability, supported improved production uptime and crude evacuation efficiency.
The sustained growth recorded in October reflects the continued commitment of operators and industry stakeholders towards improving operational efficiency, maintaining asset integrity, and enhancing production reliability across the Nigerian upstream petroleum sector.
A breakdown of the daily average crude oil and condensate production by terminals/streams during the review month shows that Forcados Terminal accounted for 318.49kbpd while Bonny comes second with 311.02kbpd.
Qua Iboe Terminal recorded an average production of 173.97kbpd of crude oil and condensates while Escravos Oil Terminal posted a daily average of 134.67kbpd.
Bonga ranked as the fifth highest producing terminal, recording an average of 106.65kbpd of crude oil and condensate.
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