The Central Bank of Nigeria (CBN) released $1.26 billion to oil marketers between January and March 2025 for the importation of petroleum products, according to new data from the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA).
This comes as marketers continue to import fuel despite the availability of locally refined petrol from the Dangote Refinery. During the period, Nigeria imported 2.28 billion litres of petrol,one of the lowest quarterly figures in recent years indicating a gradual shift toward local refining.
CBN data shows monthly disbursements of $457.83m in January, $283.54m in February, and $517.55m in March. Fuel imports remain a major drain on Nigeria’s foreign reserves and continue to affect the naira’s exchange rate.
NMDPRA figures reveal that marketers supplied 69% of the 21 billion litres of petrol consumed between August 2024 and October 2025 through imports. The remaining volume came from local refineries, led by Dangote Petroleum Refinery, which has also begun exporting petrol to markets including the United States.
Competition between Dangote and importers has intensified, with pricing being the key factor for marketers. Chinedu Ukadike, spokesperson for the Independent Petroleum Marketers Association of Nigeria, said traders would always source from the cheapest supplier.
“The decision is purely economic,” he explained. “If imports are cheaper, we buy from importers; if Dangote offers a better price, we buy locally.”
Meanwhile, the Major Energies Marketers Association of Nigeria reported that the import parity price of petrol fell to ₦805.46 per litre, reflecting lower global oil prices and exchange rate pressures.
