Petrol Demand Drops 17% To 47.3m Litres On Higher Prices

…As imports soar By 97%

Nigeria’s Premium Motor Spirit (PMS), commonly known as petrol, consumption fell by  17 per cent to 47.3 million litres per day in March 2026 from 56.9 million litres per day in February, according to the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA).

Data from the NMDPRA Factsheet for March 2026, released on Tuesday, indicated that despite the decline in consumption, petrol imports surged by 97 per cent to 5.9 million litres per day from 3.0 million litres per day, as domestic supply decreased to 34.2 million litres per day from 36.5 million litres per day.

Overall, supply rose slightly to 40.1 million litres per day in March, up from 39.5 million litres per day in February.

Petrol prices rose steadily in early 2026 amid supply disruptions stemming from the Middle East crisis. By mid-March, prices surged from N839 per litre in Lagos and N875 per litre in Abuja to N1,200–N1,300 per litre in several areas after Dangote Refinery raised its gantry price to N1,175 per litre, pushing pump prices toward N1,332 per litre at major marketers’ outlets like MRS Oil by late March. These hikes, linked to the US/Israel war with Iran and the closure of the Strait of Hormuz, likely curbed demand as Nigerians adjusted travel and business activities.

Dangote Refinery, which operated at 93.62 per cent capacity, supplied 85.3 per cent of its total PMS production of 48.2 million litres per day to the domestic market.

The report also showed that domestic PMS supply decreased to 34.2 million litres per day from 36.5 million litres per day.

Overall, PMS supply reached 40.1 million litres per day, up from 39.5 million litres per day.

Stock sufficiency for PMS stood at 21.2 days, compared to 30.7 days in February.

Nationally, PMS sufficiency averaged 21 days for March, measured against a daily benchmark of 50 million litres per day.

Automotive Gas Oil (AGO), or diesel, supply decreased to 10.3 million litres per day from 24.4 million litres per day. Domestic AGO output fell to 3.9 million litres per day from 8.8 million litres per day, while imports dropped to 6.4 million litres per day from 15.6 million litres per day. AGO consumption was 14.5 million litres per day, down from 20.3 million litres per day. Stock sufficiency improved to 55.4 days from 47.6 days. National AGO sufficiency averaged 55 days against a benchmark of 14 million litres per day.

Liquefied Petroleum Gas (LPG) supply remained at 4.7 thousand tonnes per day (KT/D). Domestic LPG production increased to 4.5 thousand tonnes per day from 4.0 thousand tonnes per day, while imports decreased to 0.2 thousand tonnes per day from 0.7 thousand tonnes per day.

LPG consumption was 5.1 thousand tonnes per day, slightly down from 5.2 thousand tonnes per day, with national sufficiency at 14 days against a benchmark of 3,900 thousand tonnes per day.

Aviation Turbine Kerosene (ATK) consumption decreased to 2.1 million litres per day from 2.9 million litres per day. National ATK sufficiency averaged 109 days against a benchmark of 3 million litres per day.

According to the report, Domestic gas supply rose to 4.888 billion standard cubic feet per day (Bscf/d) from 4.771 Bscf/d. This includes volumes supplied to Nigeria Liquefied Natural Gas (NLNG).

National fuel sufficiency for March averaged 21 days for petrol (PMS), 55 days for diesel (AGO), 109 days for aviation fuel (ATK), and 14 days for LPG.

In the Refinery Performance Updates report, Dangote Refinery recorded 93.62 per cent capacity utilisation. It produced 48.2 million litres per day of PMS, of which 34.2 million litres were supplied domestically. For AGO, production was 16.5 million litres per day, with 2.2 million litres per day for domestic supply.

State-owned refineries reported no active operations. Port Harcourt Refinery Company (PHRC) was shut down, though AGO evacuation from prior production averaged 0.048 million litres per day. Warri Refinery and Petrochemical Company (WRPC) was shut down. Kaduna Refinery and Petrochemical Company (KRPC) was shut down.

Waltersmith Refinery Train 2 continued introducing hydrocarbons, a process ongoing since February.

The NMDPRA stated that consumption figures represent volumes trucked out into the domestic market. Daily benchmarks for 2026 are 50 million litres per day for petrol (PMS), 14 million litres per day for diesel (AGO), 3 million litres per day for aviation fuel (ATK), and 3,900 thousand tonnes per day for LPG.

State-owned refineries remained inactive, as the Port Harcourt Refinery Company (PHRC), though shut down with minimal AGO evacuation of 0.048 million litres per day, and the Warri Refinery and Petrochemical Company (WRPC) were closed. The Kaduna Refinery and Petrochemical Company (KRPC) was also closed. Waltersmith Refinery Train 2 continued hydrocarbon introduction.