Nigeria's spending on Premium Motor Spirit (PMS) surged to N2.054 trillion in April 2026, driven by rising pump prices and shifting supply dynamics. This comes as the Dangote Refinery and other domestic refiners received a combined 39.2 million barrels of crude from local producers between March and April, according to the April State of the Industry report released by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA).
Daily Consumption and Costs
With the average retail price of PMS hovering around N1,340 per litre, daily consumption stood at 51.1 million litres in April, translating to approximately N68.4 billion per day. Total monthly consumption reached about 1.5 billion litres, valued at N2.054 trillion. In March, daily consumption was lower at 47.3 million litres per day, while daily supply from domestic refineries and imports remained at 40.1 million litres per day in April, slightly increasing to 44.4 million litres per day.
According to NMDPRA, importation crashed from 5.9 million litres per day in March to 3.7 million litres in April, indicating a significant reduction in reliance on foreign supply.
Crude Supply to Refineries
Further analysis shows that crude supply to domestic refineries declined from 674,000 barrels per day in March to 612,000 barrels per day in April, a drop of about 62,000 barrels per day or roughly nine percent. This contraction suggests tightening feedstock availability despite growing refining capacity. The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) disclosed that local producers are making more crude available to domestic refiners, but pricing differences have stalled full take-off.
Shift to Local Refining
Total PMS supply increased from 40.1 million litres per day in March to 44.4 million litres per day in April, driven largely by domestic refining, which expanded from 34.2 million litres to 40.7 million litres per day. Imports fell sharply from 5.9 million litres to 3.7 million litres per day. This development underscores Nigeria's accelerating shift towards local refining and import substitution.
A similar pattern was observed in the diesel segment, where local production surged from 3.9 million litres per day to 8.5 million litres per day, while imports plunged from 6.4 million litres to 1.7 million litres per day.
LPG and Aviation Fuel
In the liquefied petroleum gas (LPG) market, imports were eliminated in April, with total supply of 4.5 kilotonnes per day sourced entirely from domestic production. However, overall LPG supply dipped slightly from 4.7 kilotonnes per day in March, suggesting possible distribution or production constraints. Aviation turbine kerosene (ATK) supply recorded strong gains, rising from 1.7 million litres per day in March to 2.6 million litres per day in April, an increase of over 50 percent, reflecting improved refinery output and heightened aviation activity.
Demand and Stock Levels
On the demand side, consumption increased across most key products. PMS consumption rose from 47.3 million litres per day to 51.1 million litres per day, while diesel consumption climbed from 14.5 million litres to 17.3 million litres per day. Aviation fuel consumption also increased from 2.1 million litres to 2.5 million litres per day. In contrast, LPG consumption declined from 5.1 kilotonnes per day to 4.8 kilotonnes per day, indicating possible affordability pressures among households.
Stock sufficiency levels declined significantly, raising concerns about supply buffers. PMS stock cover dropped from 21.2 days in March to 17.7 days in April, while diesel reserves fell sharply from 55.4 days to 39.0 days. Marketers warned that shrinking buffers, combined with rising demand, could expose the market to short-term supply shocks if disruptions occur.
Gas Segment
In the gas segment, domestic supply improved from 4.888 billion standard cubic feet per day in March to 5.142 billion standard cubic feet per day in April, supporting power generation, industrial activity, and LPG production.
