Business News of Tuesday, 31 March 2026

Source: www.punchng.com

Five fuel vessels arrive Lagos amid supply worries

Lagos has received five vessels carrying petrol and diesel amid growing concerns about the stability of Nigeria’s fuel supply.

The PUNCH reports that the vessels carried a total of 95,000 metric tonnes of Premium Motor Spirit (petrol) and Automotive Gas Oil (diesel), arriving at the Apapa and Tincan Island ports within two days.

This is according to the latest Nigerian Ports Authority’s Daily Shipping Position obtained by The PUNCH on Monday. The report indicated that the vessels arrived between Friday, March 27, 2026, and Sunday, March 29, 2026.

The report explained that a vessel named Hudson arrived at the New Oil Jetty in Apapa on Friday, March 27, with 22,000 metric tonnes of AGO.

According to the report, “A vessel named Kingis will be arriving with 15,000MT of PMS via Lister Oil Jetty in Apapa Port on Friday. Another vessel, Leste, arrived at Apapa Port through the Bulk Oil Plant Terminal with 20,000mts of diesel on Saturday.

“At Tincan Island Port, a vessel named Savanna arrived through Kirikiri Lighter Terminal Phase 3 on Friday, March 27, 2026, with 16,000MT of PMS, while a vessel named Kobe arrived through KLT Phase 2 with 22,000MT of AGO on Sunday,” the report stated.

The PUNCH earlier reported that the Federal Government had lifted its ban on fuel imports, granting six new licences for the importation of petrol, following concerns over supply amid geopolitical tensions in the Middle East. The move marked a sharp reversal of Nigeria’s recent policy aimed at reducing dependence on imported fuel.

Some oil marketers confirmed to The PUNCH that vessels bringing in their products were coming into Nigeria. According to them, more trucks would return to the Apapa ports after weeks of seeming inactivity.

A report by S&P Global obtained on Wednesday revealed that the NMDPRA granted licences for the importation of about 180,000 metric tonnes of petrol, coming barely weeks after the regulator insisted that domestic refining capacity was sufficient to meet Nigeria’s fuel demand.

A senior official at the NMDPRA confirmed to S&P Global that the decision was taken to address a sudden supply gap triggered by geopolitical tensions in the Middle East.

The report read, “Nigeria has relaxed its gasoline import restrictions for the first time since October by issuing a round of new licences to local marketers, according to an official at its downstream regulator.

“The NMDPRA did not issue import licenses for gasoline in February on the strength of the improved domestic supply then. But the Middle East crisis came, and we have had a shortfall. So to bridge the gap, import licences were issued.”

The spokesperson of the NMDPRA, George Ene-Ita, did not respond to enquiries when contacted to confirm the report, up to the time this report was filed.

Further findings by one of our correspondents revealed that the importing marketers include Bono Energy, Pinnacle, AYM Shafa, Matrix, A.A. Rano, and NIPCO, each permitted to import about 30,000 metric tonnes of petrol, equivalent to approximately 40.5 million litres, for a total of 243 million litres.

On March 11, the NMDPRA announced a pause in the issuance of petrol import licences, citing improved domestic production. Industry data at the time showed that local refineries supplied about 36.5 million litres of petrol per day in February 2026, compared to just three million litres contributed by imports.

Officials had argued that the country no longer needed fuel imports, raising expectations of a gradual transition to self-sufficiency. “It’s correct that we’ve not issued import licences this year. It is obvious that local production has met national requirements. So, there’s no need for importation,” a source at the NMDPRA, who spoke in confidence due to the lack of authorisation to speak on the matter, had earlier told The PUNCH.

However, the latest approvals suggest that supply stability remains fragile, especially in the face of global disruptions.

Meanwhile, the Dangote Petroleum Refinery said it may resort to exporting its products if the importation of petroleum products continues. Impeccable sources at the refinery said the Dangote Group is considering the export option because the NMDPRA is still issuing licences for the importation of petrol.

Speaking in an exclusive interview with one of our correspondents, a very senior management official at the Dangote Group said the refinery would resort to exporting its products since the Federal Government has continued to issue import licences for petroleum products.

“Well, since import licences are still being given, we will as well export all our productions,” the source, who pleaded for anonymity due to the lack of authorisation to speak on the matter, told The PUNCH.