Key stakeholders in Nigeria's midstream oil and gas sector have dismissed suggestions that petrol prices should fall simply because local refining has become more efficient. They insist that the country's rising export of refined petrol is beneficial to the economy and is not responsible for the high pump prices being experienced by consumers.
Recent statistics show that Nigeria earned N998.50 billion from the export of Premium Motor Spirit (PMS) in the first six months of 2026. Data from the National Bureau of Statistics (NBS) indicated that petrol export earnings in the period under review surged more than sixfold compared with the corresponding period of the previous year. African countries accounted for N621.72 billion of the total earnings.
Chairman of Integrated Oil & Gas Ltd, Capt. Emmanuel Iheanacho, said accurate data would be required to determine actual production levels and domestic demand before any decision on export could be properly justified. Iheanacho, Nigeria's former minister of Interior, suggested that fluctuating petrol prices and complaints by Nigerians could be linked to higher exports contributing to supply-level disruptions.
Iheanacho noted that the Dangote Refinery is in a better position to provide adequate supply information alongside regulatory authorities. The Dangote Refinery's latest gantry-price increase led to filling stations adjusting their prices. Petrol currently sells for about N1,400 per litre in Lagos, Ogun and Abuja, while prices have reached about N1,500 in some parts of northern Nigeria.
Executive secretary of the Major Energies Marketing Association of Nigeria (MEMAN), Clement Isong, posited that the government should realise more revenue through enhanced export of refined petroleum products. He advised that such income be channelled towards providing necessary infrastructure to grow the economy.
Isong said the export volume is good for the economy because government would have more revenue flow. He suggested that the income be judiciously administered, especially now that emphasis is placed on expanding the Compressed Natural Gas (CNG) as a viable alternative to petrol to reduce transportation costs.
The development marks a significant shift for Nigeria, which for decades depended heavily on imported refined petroleum products despite being a major crude oil producer. The rise in petrol exports has coincided with increasing prices in the domestic market, sparking concerns among consumers and stakeholders.
Key points
- Nigeria's petrol export earnings surged more than sixfold in the first six months of 2026.
- The Dangote Refinery's latest gantry-price increase led to higher petrol prices in Nigeria.
- Operators say accurate data on production levels and domestic demand is needed before making decisions on petrol exports.
