NIGERIA TV INFO — BUSINESS NEWS

Lower Offshore Lomé Prices, Stronger Naira Cut Petrol Imports

Local and international petroleum marketing analysts have attributed the recent decline in petrol imports into Nigeria to weaker Ship-to-Ship (STS) prices at the offshore hub in Lomé and the strengthening of the naira.

The development comes as the Dangote Petroleum Refinery significantly ramped up domestic fuel supply. Latest figures released by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) show that the refinery increased its daily petrol output from about 32 million litres in December 2025 to a record 40.1 million litres in February 2026.

In its latest market assessment, Platts — part of S&P Global Energy — reported that petrol prices at the Offshore Lomé trading hub have softened so far in 2026. The report added that the stronger naira has improved purchasing incentives for Nigerian buyers.

However, Platts noted that limited availability of Nigerian import permits has left some petrol volumes stranded offshore, preventing a full flow of products into the domestic market.

Industry observers say the combination of increased local refining capacity and favourable foreign exchange conditions could further reduce Nigeria’s dependence on imported petrol in the coming months.