Stakeholders, including energy experts, economists, and Nigerian workers, have raised alarm over the suspension of petrol imports by the Federal Government, urging urgent price regulation as Dangote Petroleum Refinery takes command of Nigeria’s N14.4tn petrol market, signaling a major shake-up in the nation’s energy sector.
On Wednesday, The PUNCH reported that the Nigerian Midstream and Downstream Petroleum Regulatory Authority confirmed that it had not issued any import licence for petrol this year, saying that it was no longer needed because local production now meets national requirements.
Data from the NMDPRA, a Federal Government agency, showed that Dangote refinery accounted for about 92 per cent of Nigeria’s daily petrol supply in February, as the regulatory agency stopped the importation of petrol.
Figures released in the February 2026 fact sheet by the NMDPRA showed that local refineries supplied 36.5 million litres per day of petrol in February 2026, while imports contributed just three million litres per day.
This brought the total national daily supply for February to 39.5 million litres, with domestic refining accounting for roughly 92 per cent of the volume, a sharp shift from the long-standing dependence on imported fuel. The data indicates a drastic drop in imports compared with the previous month.
Dangote refinery is the only plant producing petrol currently in Nigeria. Other modular refineries produce diesel. Taking a low-range price of N1,000/litre for petrol, and the total consumption of 39.5 million litres per day in February, it implies that the petrol market in Nigeria is worth over N14.4tn annually. This will however vary from time to time as the global crude price fluctuates.
The confirmation by the NMDPRA that it suspended petrol importation because the country now has enough domestic supply generated diverse reactions from stakeholders on Wednesday.
The NMDPRA warned against the return of petrol imports, as the Minister of Finance, Wale Edun, declared during a live television programme on Wednesday that the government would not tamper with market pricing of petroleum products, stressing that intervention would only be considered as a last resort.
“Rather than now reverting and taking a backward step, we will look at every other measure that can help the cost of living of Nigerians without resorting to non-market pricing,” Edun stated.
An energy expert, Professor Emeritus Wumi Iledare, said the government should allow competitive petrol supply instead of import substitution. While describing that announcement as a significant policy signal, Iledare said it could trigger market speculation and a scramble for market power.
