Nigeria's expenditure on Premium Motor Spirit (PMS) imports soared to N1.9 trillion in May 2026, marking a 59.5 percent increase compared to the previous month, even as global crude oil prices declined. This surge has sparked widespread anger among Nigerians, as many filling stations have not reduced petrol pump prices despite lower crude costs and a price cut by Dangote Refinery.
Dangote Refinery Production and Import Data
Dangote Petroleum Refinery produced 44.7 million litres of petrol daily in May, meeting nearly 90 percent of Nigeria's daily consumption needs. However, imports still rose sharply. According to the Nigerian Midstream Downstream Petroleum Regulatory Authority (NMDPRA), Dangote supplied 41.5 million litres of PMS in May, while imports reached 5.9 million litres, up from 3.7 million litres in April.
Petrol prices ranged from N1,317 to N1,336 per litre across filling stations in Abuja, with an average of N1,362 per litre. This resulted in a total monthly cost of N1.9 trillion for consumers.
Supply-Demand Dynamics
Average daily petrol supply stood at 47.4 million litres, slightly below the national daily demand benchmark of 50 million litres. Actual consumption, measured through truck-out volumes, was estimated at 46.3 million litres per day, indicating a narrow balance with little buffer against disruptions.
Petrol stock sufficiency declined to 16 days in May, down from a peak of 33 days in January 2026. Inland stocks dropped to 13.9 days, while marine stocks contributed just 2.3 days, signaling tightening supply buffers.
Refinery Status and Modular Production
State-owned refineries in Port Harcourt, Warri, and Kaduna remained shut throughout May, prolonging Nigeria's reliance on imports and private refining. Modular refineries provided minimal relief, supplying less than one million litres of diesel per day and no significant petrol output.
Other Petroleum Products
Diesel supply exceeded demand and consumption levels, indicating stability. Aviation fuel and Liquefied Petroleum Gas (LPG) also had adequate supply, though regional pricing disparities persisted. Total gas supply reached 4.984 billion standard cubic feet per day, driven by increased domestic and export contributions.
Crude Oil Prices and Retail Prices
Crude oil prices fell to $77 per barrel for Brent and $74 per barrel for West Texas Intermediate, down from $100 per barrel before a peace deal between the U.S. and Iran. Dangote Refinery reduced its gantry petrol price by N75 to N1,175 per litre, but marketers have not passed on the savings to consumers.
When contacted, Abubakar Maigandi, President of the Independent Petroleum Marketers Association of Nigeria (IPMAN), said, “We are in a meeting,” declining further comment.
