₦airaland Forum

Dangote refinery has 500 million litres of PMS in stock, no justification for importation – CORAN.

The Publicity Secretary of the Crude Oil Refiners Association of Nigeria (CORAN), Eche Idoko, has challenged the continued issuance of licences for the importation of Premium Motor Spirit by the Nigeria Midstream and Downstream Petroleum Regulatory Authority (NMDPRA).

In an exclusive chat with Nairametrics, Idoko disclosed that the Dangote Petroleum Refinery currently has 500 million litres of PMS in stock as of Thursday, February 20.

Nairametrics reported that the Executive Director of Distribution Systems, Storage, and Retailing Infrastructure at the NMDPRA, Ogbugo Ukoha, said Nigeria currently consumes about 50 million litres of PMS daily and that local refineries are unable to meet 50% of this demand.

The senior official of the regulatory agency said it was necessary to grant importation licenses to oil marketers in order to prevent local shortages of petrol.

Idoko challenged the assertion of the NMDPRA official, saying that the Dangote refinery’s available stock alone can conveniently meet local consumption for 10 days, not to mention the various modular refineries in the country.

“I find that submission by NMDPRA rather curious. As we speak, Dangote has in stock 500 million litres of PMS in stock. That’s their production stock for 10 days, and it hasn’t been depleted. You know, I mentioned to you that in December, they were almost having a tank-top situation. So, I don’t understand why there’s a need to give licenses for importation when we have 500 million litres from only one refinery.

“That’s about 940 metric tonnes vessels available for take-up,” he said.

He noted that Dangote’s PMS is confirmed to be cheaper than even that of the Nigeria National Petroleum Company (NNPCL).

He argued that with available cheaper petrol in Nigeria and in line with the local content and backward integration policy in the oil sector, the NMDPRA has no justification to allow the continued importation of PMS at this time.

“Why won’t the marketers or whosoever is importing simply go to Dangote and pick that when we have seen empirically that the Dangote product is cheaper? Because right now, MRS that is getting from Dangote, is selling cheaper than NNPC. So, there’s nothing to justify importation of petroleum products as per the provisions of the PIA and the requirements for backward integration.”

Controversy over importation

There is an ongoing legal battle between the Dangote Petroleum Refinery and Petrochemicals FZE, the Nigerian National Petroleum Company Limited (NNPCL), and the NMDPRA.

• Nairametrics reported that the Dangote Petroleum Refinery and Petrochemicals FZE filed a suit at the Federal High Court in Abuja seeking to void import licenses issued by NMDPRA to NNPCL, Matrix Petroleum Services Limited, A.A. Rano Limited, and four other companies for importing refined petroleum products.

• In suit number FHC/ABJ/CS/1324/2024, Dangote Refinery is seeking N100 billion in damages against NMDPRA for continuing to issue import licenses to NNPCL, Matrix, and other companies to import petroleum products such as Automotive Gas Oil (AGO) and Jet Fuel (aviation turbine fuel) into Nigeria.

• Dangote refinery refines PMS, AGO (diesel), and other petroleum products in excess of what is consumed daily without shortfalls.

The NNPC has denied claims that it is importing refined petroleum products despite the refurbishment of state-owned Port Harcourt and Warri Refineries. However, the NMDPRA has confirmed that it gave licenses to some other oil marketers to import.

The struggles of private petroleum refineries in Nigeria

Some years ago, Nigeria produced well over 2 million barrels of crude oil per day yet lacked substantial refining capacity locally. The country exported its crude oil and imported refined products.

• Now, it boasts of having the world’s largest single-train refinery with a full capacity of refining 650,000 barrels of crude oil per day and multiple modular refineries that refine between 1,000 and 5,000 barrels per day.

• However, Nigeria struggles to meet the crude oil demands of these private refineries, forcing them to import crude oil and subject Nigerians to an unstable exchange rate.

• Nairametrics reported that the crude-for-Naira initiative to make crude oil available to local refineries is marred by inconsistent implementation. As a result, local refineries import crude oil, and when they buy locally, they sometimes buy in Dollars.

• We also reported that the Dangote refinery is importing crude oil from the United States, and it is building new storage facilities to boost feedstock security.

With the continued importation of refined petroleum products and the inability of local refineries to secure feedstock locally with the Naira, experts say this situation has exposed Nigerians to the instability of the global oil market, an abnormal situation for a major oil-producing country.

Source: https://nairametrics.com/2025/02/21/dangote-refinery-has-500-million-litres-of-pms-in-stock-no-justification-for-importation-coran/

Ok

Will d stock bring down d price 🤔

SarkinYarki:
You people have no single conscience , I th

What conscience? Why does he want to monopolise everything? He can’t have it all . For a business to thrive , it needs a good competitior!

That’s how he monopolised cement, see where we are with it . The earlier you understand that this is business for this man the better

Make them sell 200 naira nah

Reduce pump price and see

NewDigitalWorld:
[b]Dangote refinery has 500 million litres of PMS in stock, no justification for importation – CORAN.



Source: https://nairametrics.com/2025/02/21/dangote-refinery-has-500-million-litres-of-pms-in-stock-no-justification-for-importation-coran/

ok na

dangote pr

So why is NNPC importing 25 million liters daily

Dangote should forget it jawe, importation of pms won't be banned.

Nigerians pms consumption should never be left in the hands of one man. I wholly support pms importation to prevent monopoly of the products.

seunowa:
Nigerians pms consumption should never be left in the hands of one man. I wholly support pms importation to prevent monopoly of the products.

You people have no single conscience , I th

Local refined sells for same price as the imported, yet you want to impose dangote petrol on us. I say no to monopoly. Let the competition continue

so why nnpc keeps importing

APC government of Borrowing, lies, Palliative, deceit, Disaster and Calamity !!! The more you look , the less you see 🙈🙈🙈

God save Nigerians and Nigeria from these mugus

Never again should Nigeria elect anyone that has deep interest in oil business...this is the result you see

Una ask for deregulation and you got deregulation so why is dangote doing all he can to force monopoly on us, deregulation means that anyone that is capable of sourcing for petroleum products that meets the standard of nigeria is free to do so,so I don't see why some you are getting angry that importation license is still being given out, nobody will get any monopoly again in Nigeria o, everybody must compete.

The people at nnpc are just finishing our dear country Nigeria. Why give license for importation which is 10 times more expensive than buy from Dangote This country Nigeria...My God!!!!

NewDigitalWorld:
[b]Dangote refinery has 500 million litres of PMS in stock, no justification for importation – CORAN.

Source: https://nairametrics.com/2025/02/21/dangote-refinery-has-500-million-litres-of-pms-in-stock-no-justification-for-importation-coran/

If you add what is in the stock of Warri and PH refineries, then you will see that something is fishy in a very rotten way.

anonimi:
If you add what is in the stock of Warri and PH refineries, then you will see that something is fishy in a very rotten way.

Warri and PH are not working at full capacity and the Warri refinery is not even producing pms yet sef

mytime24:
Will d stock bring down d price 🤔

When Uche brings in new stock in container, does he do give away?

SarkinYarki:
You people have no single conscience , I th

Nothing wrong with importation, if you can get yours cheaper.

AfahaAbia:
The people at nnpc are just finishing our dear country Nigeria. Why give license for importation which is 10 times more expensive than buy from Dangote This country Nigeria...My God!!!!

You are only looking at the expensive part, what of the impact on T-Pain’s promise to crash the dollar rate, which he has failed to achieve despite borrowing billions of dollars from Afreximbank to defend the currency

anonimi:
World Bank offers Nigeria forex rate advice, as Tinubu eyes N200/Dollar rate[

April 23, 2023

The President-elect said he would work with the Central Bank of Nigeria (CBN) to *bring down the exchange rate to N200 in his first term.*

“My administration will collaborate with the Central Bank to harmonize the fiscal and monetary policy to achieve immediate stabilization of the value of the naira against the US dollars and other currencies and in the short term, strengthen the naira by boosting the supply of foreign currency and moderating demand.

“The short-term goal is to achieve a naira/dollar rate of 300 naira/US$ and gradually achieve a less than 200 naira rate over the next four years, Tinubu stated.

https://www.ripplesnigeria.com/world-bank-offers-nigeria-forex-rate-advice-as-tinubu-eyes-n200-dollar-rate/?amp

There's no more reason for anybody to import fuel... U don't import what you have in excess

Saga16:
Nothing wrong with importation, if you can get yours cheaper.

Yet we complain not forex waste ?

SarkinYarki:
Yet we complain not forex waste ?

If you think you can get it cheaper, please do.

It doesn't put as much demand for the dollar as we had in the past.

Competition is also welcomed.

The fuel import subsidy claiming gravy train is over.

That cabal should take the L and move on.