Dangote Refinery drives Nigeria's fuel import plunge and jet fuel price cuts

In June 2026 Dangote Refinery reduced its Jet A1 aviation fuel price by ₦100 per litre to ₦1,550, following a May cut from ₦1,750 to ₦1,650. The company also offered a 30‑day interest‑free credit facility and shifted transactions from dollars to naira to ease cash‑flow pressures on airlines.

During the same period Nigeria’s crude‑oil imports surged to $1.39 billion in the first quarter of 2026, a 308 % rise from the previous quarter, as the expanding Dangote refinery sourced more feedstock from overseas. By contrast, imports of refined petroleum products collapsed 87.5 % to $310 million, reflecting the growing substitution of imported fuel with domestically refined output.

Petrol import spending fell dramatically, from about N2.3 trillion in early 2025 to below N90 billion a year later, as local refining capacity rose to roughly 48 million litres per day, meeting the majority of national consumption. Even with a 59.5 % month‑on‑month rise in May petrol imports, imported fuel accounted for only about 12 % of total supply because Dangote’s refinery supplied roughly 41.5 million litres daily.