The Dangote Petroleum Refinery imported 40.4 million barrels of crude oil between May and June 2026, spending about $4.48 billion on feedstock as it ramped up production, according to figures released by the company.
The refinery said it imported 21.47 million barrels in May at a cost of $2.68 billion, followed by 18.93 million barrels in June worth $1.80 billion.
The figures also showed a sharp decline in the average landed cost of crude, which fell from $124.80 per barrel in May to $95.25 per barrel in June, reflecting softer global oil prices, changes in crude grades, and lower freight costs.
According to the refinery, its crude supplies were sourced from a mix of Nigerian and international grades, including Bonny Light, Qua Iboe, Forcados, Escravos, Agbami, Amenam, El Sharara, Cabinda and Jubilee.
The company released the data to clarify that the prices of its refined petroleum products are not determined by daily movements in international crude oil markets.
It explained that crude oil is purchased several weeks or even months before processing under contracts linked mainly to monthly average prices rather than spot market rates. As a result, fuel currently being sold was produced from inventories acquired when crude prices were significantly higher.
The refinery added that its actual crude acquisition costs differ from benchmark Brent prices because they also include market premiums, freight charges and other logistics expenses.
Despite the higher procurement costs, the company said it chose not to pass the full increase on to consumers immediately, describing the move as part of efforts to support price stability, ease inflationary pressure and reduce the impact of global oil market volatility on Nigerians.
Dangote Refinery further stated that its production capacity is now sufficient to meet domestic fuel demand, helping to reduce reliance on imported petroleum products, conserve foreign exchange and strengthen the country’s energy security.
The company expressed optimism that fuel prices could decline further as cheaper crude purchased in recent months gradually replaces older, more expensive inventories, provided international market conditions remain favourable.
