Oando Plc has stopped importing petrol into Nigeria following a sharp drop in demand for foreign-sourced fuel as the Dangote Refinery continues to ramp up domestic supply.

The company disclosed in its half-year and nine-month 2025 financial results that its trading arm has been under pressure due to the fall in Premium Motor Spirit imports, which declined as locally refined petrol gained ground. This shift contributed to a 20 per cent year-on-year drop in group revenue to N2.5tn in the first nine months of 2025, down from N3.2tn in the same period of 2024.

Oando said the changing market forced it to pivot toward other trading opportunities, including crude oil, liquefied natural gas, and metals. While gross profit slipped by 42 per cent to N113bn, the company recorded a strong rebound in overall profitability. Profit after tax rose 164 per cent to N210bn, supported by higher oil production volumes and legacy recoveries.

The firm noted that the Dangote Refinery’s growing output has significantly reduced Nigeria’s dependence on imported petrol, effectively reshaping the downstream sector. With Dangote now meeting a major share of national fuel demand, Oando said it deliberately paused petrol trading and redirected its efforts to higher-margin crude and gas exports.

Between January and September, the company traded 21 crude cargoes totalling almost 20 million barrels, an improvement from 15 cargoes a year earlier.

Oando added that it will continue strengthening crude trade flows and expanding into gas and metals as part of a broader strategy to build a more resilient and diversified energy portfolio.

The local market shift comes on the heels of the Federal Government’s introduction of a 15 per cent import duty on petrol and diesel, a policy designed to discourage cheaper imports and support domestic refineries