Nigeria has reverted to high volume of petrol importation, with petrol imports surging to their highest level in four months in May, highlighting the country’s partial dependence on foreign fuel supplies.
According to Argus media, new market data showed that petrol deliveries into Nigeria averaged 57,000 barrels per day in May, while exports stood at 23,000 barrels per day.
The development reversed the country’s net export position recorded in March and April, when local supply exceeded imports. Industry data indicated that the increase in imports was largely driven by maintenance activities at the 700,000 barrels-per-day Dangote Refinery in Lekki.
The refinery’s Residual Fluid Catalytic Cracker (RFCC), a critical unit responsible for gasoline production, underwent maintenance during the month, affecting output and creating the need for additional fuel imports.
The temporary reduction in local production prompted marketers and refiners to source more petrol from Europe, which supplied Nigeria’s entire import requirement in May. Norway emerged as the largest supplier, followed by Italy and France.
