The Central Bank of Nigeria (CBN) has released a total of $1.259 billion to oil sector players for the importation of petroleum products and related items in the first quarter of 2025, New Daily Prime reports.
The disbursement comes amid ongoing insistence by petroleum marketers to continue importing fuel, despite the availability of locally refined petrol from the Dangote Refinery.
Data from the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) shows that marketers imported 69 per cent of the 21 billion litres of petrol consumed in Nigeria between August 2024 and 10 October 2025.
Between January and March 2025, a total of 2.28 billion litres of petrol were imported, even as the Dangote Refinery ramped up production. Fuel imports remain a major consumer of foreign exchange, affecting Nigeria’s foreign reserves and the naira-to-dollar exchange rate.
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A breakdown from the CBN’s quarterly statistical bulletin shows that $457.83 million, or 36.2 per cent of the total, was released in January; $283.54 million, representing 22.5 per cent, in February; and $517.55 million, the largest share at 41.3 per cent, in March. Monthly import volumes mirrored the forex allocation, with 724.5 million litres in January, 760 million litres in February, and 803.7 million litres in March.
The competition between the Dangote Refinery and fuel-importing marketers has intensified in recent months. While the refinery, which has a capacity of 650,000 barrels per day, has been exporting petrol to other countries including the United States, pricing remains a major determinant for domestic marketers.
Chinedu Ukadike, National Publicity Officer of the Independent Petroleum Marketers Association of Nigeria, said marketers make decisions based on cost rather than sentiment.
“In this business, pricing is everything. 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,” he explained.
The latest Energy Bulletin from the Major Energies Marketers Association of Nigeria shows a further reduction in the estimated import parity price of Premium Motor Spirit, now at N805.46 per litre at the spot rate, reflecting continued pressure from global oil prices and exchange rate fluctuations.
