In a related development, Oando Plc has suspended petrol importation, citing declining PMS imports due to increased local refining by the Dangote Refinery.
In its half-year and nine-month 2025 reports, the company revealed a 20% drop in revenue, from ₦3.2 trillion in 2024 to ₦2.5 trillion this year, largely attributed to reduced gasoline imports.
Despite the decline, Oando reported a 164% surge in profit after tax, reaching ₦210 billion, driven by stronger upstream output and recoveries.
“With the Dangote Refinery now meeting much of Nigeria’s fuel needs, our focus has shifted to crude and gas trading,” the company said.
Oando traded 21 crude cargoes (19.8 million barrels) during the period, up from 15 cargoes last year, and plans to expand into liquefied natural gas (LNG) and metals trading.
The company described its strategy as one aimed at building “a balanced, future-ready energy portfolio” while aligning with Nigeria’s transition toward self-sufficiency in fuel supply.
With the Dangote Refinery’s 650,000 barrels-per-day capacity reshaping the domestic fuel market, analysts say Nigeria’s long-standing dependence on imported fuel may finally be nearing its end — though concerns remain about pricing, regulation, and the readiness of local refineries to meet full national demand.
