The Nigerian Midstream and Downstream Petroleum Regulatory Authority has approved the importation of 830,000 metric tonnes of Premium Motor Spirit (PMS), commonly known as petrol, for the fourth quarter of 2026.
The approval covers six major petroleum marketers and comes as domestic petrol refining increases, with demand also expected to rise during the Christmas and end-of-year travel period.
The Independent Petroleum Marketers Association of Nigeria said the import licences could increase competition and potentially put downward pressure on petrol prices, depending on the cost of the imported products.
IPMAN’s Public Relations Officer, Chief Chinedu Ukadike, said the NMDPRA was acting within its statutory responsibilities by issuing the licences. However, he stressed that issuing an import licence did not automatically mean the products would become available in the market.
Ukadike told Vanguard that the key issue would be whether the licensed companies could bring in petrol at prices competitive with locally refined products.
He said imported petrol would benefit consumers if its landing cost was below the price of petrol supplied by the Dangote Refinery, but questioned the value of the imports if they arrived at a higher cost.
The six companies identified as beneficiaries of the latest allocation are Matrix Energy, AA Rano, AYM Shafa, NIPCO, Pinnacle Oil and Bono Energy.
The companies have also received allocations in previous quarters. Their combined allocation was 180,000MT in the first quarter, rising to 720,000MT in the second quarter, while the third-quarter allocation was later increased to more than 800,000MT.
The latest approval comes amid rising domestic refining capacity, particularly from the Dangote Petroleum Refinery, which has increased its supply of petrol to the Nigerian market.
The issuance of petrol import licences has also become part of a legal dispute, with Dangote Refinery challenging the NMDPRA’s decision to approve imports while maintaining that domestic production is sufficient to meet market demand.
NMDPRA data showed that domestic refineries accounted for about 76.7 per cent of Nigeria’s total petrol supply in the first quarter of 2026, while petrol imports fell by approximately 60 per cent year-on-year to 965.5 million litres.
Meanwhile, the Petroleum Products Retail Outlets Association of Nigeria, PETROAN, has directed its members across the country to inspect their fuel dispensing meters following a warning from the NMDPRA over possible under-dispensing.
PETROAN National President, Billy Gillis-Harry, disclosed this on Wednesday during an interview with Channels Television.
He said the association held an emergency National Executive Council meeting on Tuesday after the regulator raised concerns about the accuracy of dispensing equipment.
Gillis-Harry said several members had already started checking their meters, explaining that equipment can develop faults after prolonged use and either dispense more or less fuel than indicated.
He also urged motorists to pay attention to the quantity displayed on fuel pumps and request receipts after making purchases.
Source: VANGUARD
