The Dangote Petroleum Refinery obtained about 78 per cent of its crude oil supply from the Nigerian National Petroleum Company Limited (NNPCL) and other local producers between May and June 2026.
According to cargo discharge and pricing records released by the refinery, Nigerian crude accounted for 31.43 million barrels out of the 40.40 million barrels processed during the two-month period. The remaining 8.97 million barrels, representing 22 per cent, came from countries including Angola, Libya, Guyana and Ghana, as well as international trading blends.
The refinery said the figures were released to clarify that its fuel pricing is not based on daily international crude oil prices. It explained that crude oil purchases are made weeks or months in advance through contracts linked to monthly average prices rather than spot market rates.
Records show the refinery received 21.47 million barrels of crude in May and 18.93 million barrels in June. Local crude made up nearly 78 per cent of supplies in both months, reinforcing Nigeria’s position as the refinery’s primary source of feedstock.
Among the Nigerian crude grades supplied were Bonny Light, Qua Iboe, Forcados, Amenam, Bonga, Escravos, Agbami, Cawthorne, Okwori, Utapate and ABO. Bonny Light topped the list with 5.9 million barrels, followed by Qua Iboe with 4.8 million barrels, Amenam with 4 million barrels and Forcados with 3.89 million barrels.
Libya was the refinery’s largest foreign supplier, contributing 2.1 million barrels of El Sharara crude. Other imported supplies included Guyana’s Payara crude, Angola’s Cabinda crude, Ghana’s Jubilee crude and international trading blends.
The records also revealed a significant decline in crude oil prices between May and June. While some cargoes in May were purchased for over 134 dollars per barrel, most June deliveries were priced between 90 and 97 dollars per barrel. Total crude purchase costs dropped from about 2.68 billion dollars in May to approximately 1.8 billion dollars in June.
The refinery said lower global oil prices, driven by weaker demand, easing geopolitical tensions and increased production from major oil-producing countries, helped reduce feedstock costs.
The latest figures come as the Federal Government continues efforts to strengthen the domestic crude supply framework for local refineries.
Energy analyst and Chief Executive Officer of Petroleumprice.ng, Olatide Jeremiah, described the increase in local crude supply as a positive development for Nigeria’s refining industry. He said greater access to domestic crude could reduce transportation costs and eventually lead to lower fuel prices for consumers, especially as the refinery continues to receive cheaper crude cargoes amid falling global oil prices.
