Despite improved domestic refining capacity in Nigeria, major oil marketers have continued to import refined petroleum products, as they imported 6.38 billion litres of Premium Motor Spirit (petrol) and Automotive Gas Oil (diesel) in five months.
But independent marketers and retailers, through their various associations, kicked against the development, as the importation of these commodities gulped about N6tn, a development that further piled pressure on the country’s forex.
The dealers spoke under the aegis of the Independent Petroleum Marketers Association of Nigeria and the Petroleum Products Retail Outlet Owners Association of Nigeria.
A detailed advertorial in The PUNCH on Wednesday quoting tanker vessels’ movement into Nigerian ports showed that fuel importers utilising scarce foreign exchange brought in over 5.01 billion litres of petrol and 1.37 billion litres of diesel between October 2024 and November 2025.
With an average price of N900 per litre, importers may have spent N4.51tn on PMS import and N1.51tn on diesel, using an average price of N1,100/litre. This indicates a cumulative amount of N6.02tn.
