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Petroleum Products Retailers and marketers have explained why petrol imports have persisted despite the Dangote Refinery and other local refineries’ production capacity....READ ORIGINAL & FULL CONTENT FROM SOURCE | READ ORIGINAL & FULL CONTENT FROM SOURCE...
The President, Petroleum Products Retail Outlet Owners Association and the Chairman, Major Marketers Association of Nigeria, Billy Gillis-Harry and Tunji Oyebanji in an exclusive interview with DAILY POST on Monday cited fear of healthy market competition, competitive pricing and inadequate petrol production capacity as reasons for the product’s continued import.
This comes amid the National Bureau of Statistics’ foreign trade data showing that petrol imports surged by 105 percent to N15.4 trillion at the end of 2024.
Similarly, the report indicated that fuel imports hit N930 billion in February 2025 alone, raising concerns among stakeholders in the country’s downstream sector.
Recall that the Nigerian Midstream and Downstream Petroleum Regulatory Authority said that Dangote Refinery, Port Harcourt and Warri refineries met only 50 percent of the national petroleum products consumption requirement in February 2025. #
However, in a statement last month, the president of Dangote Refinery countered NMDPRA and insisted that the $20 billion Refinery can meet 100 percent of Nigeria’s 100 percent petroleum production requirements.
Nigerians are now left in limbo amid the controversy as NNPC said it has not imported petrol so far in 2025.
Meanwhile, Gillis-Harry and Oyebanji in their insights to DAILY POST put clarity to the debate.
Speaking, Gillis-Harry insisted that petroleum retailers get their products from all sources, including Dangote Refinery, NNPC and import.
According to him, petrol retailers will continue to get fuel from sources with the best pricing to avoid a monopoly of the country’s petroleum downstream.
He frowned at a situation where the refinery would reduce fuel prices overnight without due consultation with its partners and retailers.
Gillis-Harry added that healthy competition and price stability must be guaranteed in Nigeria’s downstream sector for the good of Nigerians.
“Retailers are not running away from Dangote Refinery. We patronize every refinery, but we subscribe to full liberation so that we will not run a monopolized downstream sector.
“A situation where one refinery is shifting prices up and down without consideration of retailers is uncalled for.
“We cannot buy a product at N889, and over the night, the prices are dropped to N825, which is unfair.
“We continue to buy petrol from all sources that are profitable to us, either NNPCL, Dangote Refinery or through import”, he told DAILY POST.
On his part, Oyebanji explained that local refineries such as Dangote Refinery were not meeting 100 percent of domestic demand- the reason for fuel import to augment the vacuum.
According to him, if local refineries produced enough to meet the domestic market and with competitive prices, no right-thinking businessman would import.
“The report circulated today was for 2024. I don’t understand why it is being played up in the media as if it is new.
“Seems it is to advance a particular agenda. I don’t think local refineries are meeting 100 percent of local demand.
“So, to prevent shortages, some importation is being allowed, but to give the impression that such importation is growing isn’t correct.
“NNPCL, which has been the largest importer up to last year, has confirmed that they have not imported and yet someone is pushing this narrative.
“If local refineries produce enough to satisfy local demand and sell at a competitive price, then no right-thinking businessman will import”, he told DAILY POST.
Recall that earlier this month and last month, NNPC and Dangote refineries reduced petrol prices to between N860 and N880 per liter.
The development sparked a price war among the bigwigs in the country’s downstream sector, as Nigerians now buy petrol between N860 and N970 per liter nationwide.
On October 15, 2024, 650, 000 barrels per day, Dangote Refinery kicked off supply of petrol.
At the same, NNPC restarted petrol production at the Port Harcourt and Warri refineries in November and December 2024.
