By Jeremiah Gold
Despite the naira-for-crude arrangement aimed at guaranteeing sufficient supply to local refineries, Dangote Petroleum Refinery has finalized plans to import 13.62 million barrels of crude oil for May 2026.
The volume represents about 139.5 per cent of its estimated 19 million barrels requirement for the month, highlighting a significant supply gap.
Findings indicate that the Federal Government is expected to provide only 6.15 million barrels within the period. This shortfall has left the management of the 650,000 barrels-per-day refinery with little choice but to source the balance from international markets.
At the current price of $110 per barrel, the planned imports are projected to cost approximately $1.498 billion—equivalent to about N2.07 trillion at an exchange rate of N1,380.79 per dollar.
Industry experts have warned that continued reliance on imported crude may keep fuel prices elevated. As a result, the pump price of Premium Motor Spirit (PMS), commonly known as petrol, is likely to remain above N1,300 per litre in the domestic market.
