The Dangote Petroleum Refinery relied mainly on crude oil produced in Nigeria between May and June 2026, with local suppliers providing about 78 percent of the refinery’s total crude supply. This shows that Nigerian crude remains the major source of feedstock for the refinery despite imports from other countries.
According to official cargo and pricing records released by the refinery, a total of 40.4 million barrels of crude oil were processed during the two-month period. Out of this amount, 31.43 million barrels came from Nigerian producers, while the remaining 8.97 million barrels, representing about 22 percent, were imported from countries such as Angola, Libya, Guyana, and Ghana.
The refinery explained that the information was released to correct claims that its fuel pricing changes are based on daily international crude oil prices. It stated that crude oil is usually bought several weeks or months ahead through contracts linked to average monthly prices, not daily market rates.
In May, the refinery received 21.47 million barrels of crude, with almost 78 percent coming from Nigerian oil fields. In June, it processed 18.93 million barrels, and local crude again made up nearly 78 percent of the total supply.
Some of the major Nigerian crude grades supplied during the period included Bonny Light, Qua Iboe, Amenam, Forcados, Escravos, Bonga, Agbami, Cawthorne, Okwori, Utapate, and ABO. Bonny Light was the highest supplier with 5.9 million barrels, followed by Qua Iboe with 4.8 million barrels. Amenam and Forcados also contributed large volumes, confirming the refinery’s strong preference for locally produced crude.
Among imported supplies, Libya provided the largest volume with 2.1 million barrels of El Sharara crude. Other foreign supplies came from Guyana’s Payara crude, Angola’s Cabinda crude, Ghana’s Jubilee crude, and several international trading blends.
The report also showed that crude oil prices dropped sharply between May and June. In May, some Nigerian crude grades cost more than 134 dollars per barrel, pushing the refinery’s monthly crude spending to about 2.68 billion dollars. By June, most crude prices had fallen to between 90 and 97 dollars per barrel, reducing total spending to around 1.8 billion dollars.
The decline in prices was linked to weaker global oil demand, improved geopolitical conditions, and higher production from major oil-producing countries. Lower crude prices are expected to reduce production costs and improve the refinery’s profit margins.
Experts believe the increase in local crude supply is a positive development for Nigeria’s refining industry. The Chief Executive Officer of Petroleumprice.ng, Olatide Jeremiah, said the higher supply of Nigerian crude shows stronger government support for local refineries. He added that lower crude prices and reduced transportation costs could help the Dangote Refinery lower fuel prices, giving Nigerians the possibility of cheaper petrol in the coming months.
The refinery, which started producing petrol in 2024, continues to play an important role in reducing Nigeria’s dependence on imported fuel while expanding fuel exports to other African countries. Industry experts say maintaining a steady supply of local crude will strengthen the refinery and support Nigeria’s goal of becoming a leading petroleum refining hub in Africa.
