The Central Bank of Nigeria has released a total of $1.259 billion to oil sector players for the importation of petroleum products and related items between January and March 2025.
This comes as petroleum marketers continue fuel importation despite the growing availability of locally refined petrol from the Dangote Refinery.
Fresh data from the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) shows that marketers imported 69% of the 21 billion litres of petrol consumed in Nigeria between August 2024 and early October 2025.
Between January and March 2025, about 2.28 billion litres of petrol were imported, marking one of the lowest quarterly figures in recent years—an indication of a gradual shift toward local refining.
According to the CBN’s first-quarter bulletin, $457.83 million was disbursed in January, $283.54 million in February, and $517.55 million in March. Correspondingly, petrol imports stood at 724.5 million litres in January, 760 million litres in February, and 803.7 million litres in March.
The competition for market dominance between the Dangote Petroleum Refinery and fuel-importing marketers has intensified, with pricing emerging as the main factor guiding purchase decisions.
Speaking on the issue, Chinedu Ukadike, National Publicity Officer of the Independent Petroleum Marketers Association of Nigeria (IPMAN), noted that marketers will always source from the cheapest supplier.
“Pricing is everything. Our margins are very thin, so we’ll buy wherever it’s cheaper—whether imported or local,” Ukadike explained.
He added that the price gap between imported and locally refined products fluctuates with global oil prices, exchange rates, and policy changes.
Meanwhile, the Major Energies Marketers Association of Nigeria (MEMAN) reported a decline in the import parity price of petrol, now estimated at ₦805.46 per litre, reflecting continued pressure from international oil markets and currency volatility.
