Petrol, diesel vessels arrive Nigeria amid rising fuel prices

Several vessels carrying about 129,000 metric tonnes of petrol and diesel are expected to arrive at Lagos ports between March 14 and 17, 2026, as Nigerians grapple with rising fuel prices across the country.

Data from the shipping position of the Nigerian Ports Authority showed that a vessel, Mosunmola, carrying 20,000 metric tonnes of Premium Motor Spirit (PMS), arrived at Lagos through the Bulk Oil Plant on March 14. Another vessel, Kobe, transporting 22,000 metric tonnes of Automotive Gas Oil (diesel), docked at Kirikiri Lighter Terminal Phase 2 at Tin Can Island Port the same day.

On March 17, two more vessels are expected. Bora will deliver 27,000 metric tonnes of PMS at Kirikiri Lighter Terminal 3B, while Ashabi is scheduled to bring 30,000 metric tonnes of diesel to the same facility.

In addition, the vessel Oluwajuwonlo discharged 15,000 metric tonnes of PMS at Calabar Port on March 15 through Ecomarine Nigeria Limited. Mosunmola is also expected to deliver another 15,000 metric tonnes of petrol at the same port on March 17 via a North West Petroleum Gas Company Limited terminal.

The arrivals come at a time when petrol prices are surging nationwide. The Dangote Petroleum Refinery recently increased its gantry price for petrol to ₦1,175 per litre, pushing retail pump prices above ₦1,200 per litre in many locations. The increase has triggered higher transportation costs and rising prices of goods and services.

In some parts of the country, petrol now sells between ₦1,200 and ₦1,300 per litre, with projections that prices could climb to ₦1,500 or even ₦2,000 per litre if tensions in the Middle East persist and global crude oil prices continue to rise.

Stakeholders, including labour unions and economic analysts, have urged the Federal Government to introduce relief measures to cushion the impact on citizens and businesses. Some have suggested temporary subsidies to stabilise fuel prices amid the global market volatility driven by tensions between the United States and Iran.

Meanwhile, officials of the Nigerian Midstream and Downstream Petroleum Regulatory Authority clarified that no new licences for petrol importation had been issued in 2026.

The regulator explained that the vessels currently arriving were operating under import licences granted previously and that delivery delays—particularly around the Strait of Hormuz—may have affected their arrival timelines.

Spokesperson of the Independent Petroleum Marketers Association of Nigeria, Chinedu Ukadike, said independent marketers were ready to purchase and distribute any available fuel products.

According to him, marketers prioritise product availability regardless of the source, adding that additional imports could help promote competition and stabilise prices in the market.

He noted, however, that the imported volumes may not significantly reduce pump prices unless global crude prices decline.

The regulatory authority maintained that domestic supply has improved significantly due to production from local refineries. According to its data, Nigeria’s domestic refineries produced about 36.5 million litres of fuel daily in February, while imports contributed about three million litres, accounting for roughly 92 per cent of national supply.

Chief Executive of the authority, Saidu Mohammed, warned against a return to heavy reliance on fuel imports, stressing that the country had made notable progress in strengthening domestic refining capacity.

Despite the improvements, industry operators say Nigeria’s daily petrol consumption, estimated at about 56 million litres, still leaves a supply gap that continues to fuel debate over the need for imports alongside local refining.