The Dangote Petroleum Refinery sourced the bulk of its crude oil from Nigerian producers in May and June 2026, with imported crude accounting for about 22 per cent of its feedstock during the period.
An analysis of the refinery’s cargo discharge and pricing records showed that it processed about 40.4 million barrels of crude over the two months. Of this volume, approximately 31.4 million barrels came from the Nigerian National Petroleum Company Limited and other indigenous oil producers, while 8.97 million barrels were imported from countries including Libya, Angola, Guyana and Ghana.
The refinery disclosed the data while clarifying that its fuel pricing is not based on daily movements in international crude prices. It explained that crude purchases are made under contracts agreed weeks or months ahead, with prices linked to monthly average benchmarks rather than spot market rates.
The records indicated that the refinery received 21.47 million barrels of crude in May and 18.93 million barrels in June. Local crude consistently accounted for nearly four-fifths of total supply in both months.
Major Nigerian crude grades supplied during the period included Bonny Light, Qua Iboe, Forcados, Amenam, Bonga, Escravos, Agbami, Cawthorne, Okwori, Utapate and ABO.
Bonny Light was the largest single source of crude, supplying about 5.9 million barrels. It was followed by Qua Iboe with 4.8 million barrels, Amenam with four million barrels and Forcados with 3.89 million barrels.
Among imported grades, Libya’s El Sharara crude contributed the highest volume, while supplies also came from Angola’s Cabinda crude, Guyana’s Payara grade, Ghana’s Jubilee crude and internationally traded blends.
The pricing data also showed that crude costs declined between May and June. Some Nigerian cargoes purchased in May exceeded $134 per barrel, pushing the month’s crude bill to about $2.68bn. By June, most cargoes were priced between $90 and $97 per barrel, reducing total spending on crude to roughly $1.8bn despite a few higher-priced imports.
The drop followed weaker global oil prices amid concerns over slowing demand, easing geopolitical tensions and increased output from some producing countries.
Industry observers say lower crude prices, combined with stronger domestic supply, could improve refining margins and create room for further reductions in fuel prices.
The Chief Executive Officer of Petroleumprice.ng, Olatide Jeremiah, described the higher share of locally supplied crude as an encouraging development for Nigeria’s refining industry.
According to him, increased access to Nigerian crude should reduce transportation costs and dependence on imported feedstock, while lower crude prices could support additional cuts in ex-depot petrol prices if the current trend continues.
The refinery has in the past raised concerns over difficulties in securing enough domestic crude. However, the latest supply records suggest that Nigerian producers remain the primary source of feedstock for the facility as efforts continue to strengthen the domestic crude supply framework.
