The Central Bank of Nigeria (CBN) has disbursed a total of $1.25 billion to key oil sector players for the importation of petroleum products and other related commodities within the first quarter of 2025.
According to recent data obtained from the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), the intervention came amid continued fuel importation by marketers despite the growing availability of petrol from the Dangote Refinery.
Between August 2024 and early October 2025, marketers reportedly imported about 69 per cent of the 21 billion litres of petrol consumed nationwide. During the first quarter of 2025 alone, Nigeria imported 2.28 billion litres of petrol, reflecting one of the lowest quarterly volumes in recent years — a sign of the gradual transition toward local refining.
Okay News reports that the CBN’s quarterly statistical bulletin revealed the apex bank’s foreign exchange disbursements for the period totalled $1.26 billion. The month-by-month breakdown showed that $457.83 million was released in January, $283.54 million in February, and $517.55 million in March, representing 36.2 per cent, 22.5 per cent, and 41.3 per cent respectively.
NMDPRA figures also indicated that 724.5 million litres were imported in January, followed by 760 million litres in February, and 803.7 million litres in March 2025.
The development underscores a fierce competition between Dangote Refinery and import-dependent marketers vying for market dominance in the downstream petroleum sector.
While some marketers insist on importing petrol, Dangote Refinery has continued to export refined products to international markets, including the United States, while maintaining that its 650,000-barrel-per-day facility can adequately meet domestic fuel demand.
However, pricing remains the major factor influencing marketers’ decisions. Many operators are driven by cost advantages rather than source, as fluctuations in global oil prices, exchange rates, and government policies continue to shape fuel market dynamics.
The National Publicity Officer of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Chinedu Ukadike, confirmed this in an interview, stating that market forces dictate purchasing decisions.
“In this business, pricing is everything,” Ukadike said. “Marketers will always go for the most affordable option because our margins are very thin. If imported products are cheaper, we have no choice but to patronise importers. But if Dangote’s refinery offers a better price, of course, we will buy locally.”
He added, “The price gap between locally refined products and imports fluctuates depending on global oil prices, exchange rates, and government policies. No marketer can afford sentiment when it comes to survival. Our decision is driven by economics, not emotion.”
Meanwhile, the Major Energies Marketers Association of Nigeria (MEMAN) in its latest Energy Bulletin revealed that the import parity price of Premium Motor Spirit (PMS) has declined to ₦805.46 per litre, reflecting reduced global oil prices and ongoing exchange rate adjustments.
The CBN’s intervention, according to analysts, is aimed at stabilising the forex market, supporting energy availability, and protecting national economic interests through strategic dollar liquidity injections.
