The Central Bank of Nigeria (CBN) has disbursed $1.25 billion in foreign exchange to oil marketers between January and March 2025 to support fuel imports, even as the Dangote Refinery continues to produce petrol locally.
Data from the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) shows that importers supplied about 69% of the 21 billion litres of petrol consumed in Nigeria between August 2024 and early October 2025. This indicates that fuel importation still dominates the market despite the operation of the 650,000-barrel-per-day Dangote Refinery.
The CBN’s first-quarter bulletin revealed that $457.83 million was released in January, $283.54 million in February, and $517.55 million in March — the highest monthly allocation for the period. In total, around 2.28 billion litres of petrol were imported in the first three months of 2025, representing one of the lowest quarterly import levels in recent years.
Experts say the figures reflect Nigeria’s slow transition from fuel import dependence to domestic refining, as competition intensifies between Dangote Refinery and fuel importers.
The National Publicity Officer of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Chinedu Ukadike, explained that marketers prioritize affordability over source. “In this business, pricing is everything. Marketers will always buy from whoever offers the best rate because our profit margins are slim,” he said.
Ukadike added that the price gap between locally refined and imported petrol often shifts based on global oil prices, exchange rates, and government policies.
Meanwhile, a recent report by the Major Energies Marketers Association of Nigeria (MEMAN) revealed a drop in the import parity price of petrol to ₦805.46 per litre, attributed to global price changes and exchange rate pressures.
Analysts believe that while the Dangote Refinery continues to increase production, the country may still rely partly on imports in the short term until local output and distribution stabilize.
The CBN’s continued forex allocation to the oil sector highlights efforts to maintain fuel supply stability and curb price volatility as Nigeria’s energy market adjusts to new realities.
