Nigeria's petrol imports rise as domestic refinery supplies fall in July

Total Premium Motor Spirit petrol receipts decreased by 10 percent from 50.6 million litres per day in June to 45.5 million litres per day in July. Domestic refineries supplied 25.8 million litres daily in July, down from 32.5 million litres in June, while imported petrol receipts grew from 18.1 million litres to 19.7 million litres daily. This trend follows a surge in petrol imports in June, which rose by 207 percent.

The decline in domestic supply is linked to an eight percent reduction in crude oil receipts by domestic refineries, falling from 632,000 barrels per day in June to 585,000 barrels per day in July. Despite this, the Dangote Petroleum Refinery operated at over 71 percent capacity utilization, producing approximately 25.9 million litres of petrol per day. The diesel market also saw a resurgence of imports, with overall receipts rising by 46 percent, and imports accounting for 7.9 million litres daily after no imported diesel was recorded in June.

Conversely, petrol consumption decreased by 25 percent, and Liquefied Petroleum Gas LPG saw increased domestic supply and reduced imports, indicating a stronger position for local producers in the cooking gas market.