Dangote Refinery Got 22% of June Crude From Foreign Sources
The Dangote Petroleum Refinery sourced about 78 per cent of its crude oil feedstock from the Nigerian National Petroleum Company Limited (NNPCL) and other indigenous producers between May and June 2026.
Data from the refinery’s official May and June cargo discharge and pricing records, analysed on Thursday, showed that Nigerian grades supplied nearly four out of every five barrels processed by the refinery, accounting for about 78 per cent of its total crude intake, while imported barrels from Angola, Libya, Guyana, Ghana and other international trading blends made up the remaining 22 per cent.
The data was released by the refinery to dispel rumours that its pricing moves in line with daily international crude oil prices. It said crude is purchased weeks or months in advance under contracts linked to monthly average pricing rather than spot market rates.
The crude inflow also reinforced the country’s position as the refinery’s dominant supplier despite increased imports from Angola, Libya, Guyana, and Ghana.
An analysis of crude cargoes delivered to the 650,000-barrels-per-day refinery showed that it received a total of 40.40 million barrels of crude during the two-month period, of which 31.43 million barrels came from Nigerian fields.
The remaining 8.97 million barrels, representing about 22 per cent of total supply, were imported from foreign producers and international trading blends. The cargo records further showed that the refinery took delivery of 21.47 million barrels in May and 18.93 million barrels in June.
In May alone, Nigerian crude grades accounted for 16.74 million barrels, or 77.97 per cent of total deliveries, while foreign barrels stood at 4.73 million barrels, representing 22.03 per cent.
Similarly, in June, local crude supply amounted to 14.69 million barrels, equivalent to 77.58 per cent of total feedstock, while imports accounted for 4.24 million barrels, or 22.42 per cent.
The domestic grades supplied to the refinery included Bonny Light, Qua Iboe, Forcados, Amenam, Bonga, Escravos, Agbami, Cawthorne, Okwori, and Utapate.
The imported barrels comprised Angola’s Cabinda crude, Libya’s El Sharara grade, Guyana’s Payara crude, Ghana’s Jubilee crude, and other internationally traded blends.
Among foreign suppliers, Libya emerged as the largest source country, supplying 2.10 million barrels, representing 5.2 per cent of the refinery’s feedstock. International trading blends, comprising CJ Blend and EA Blend cargoes, contributed a combined 2.95 million barrels, or 7.3 per cent of total deliveries.
Guyana supplied 1.02 million barrels of its Payara crude, accounting for 2.5 per cent of total intake, while Angola delivered 996,349 barrels, also representing about 2.5 per cent of the refinery’s crude slate. Ghana’s Jubilee grade contributed 956,001 barrels, equivalent to 2.4 per cent of total supplies.
In addition, cargoes delivered under the Chile Prosperity trading designation amounted to 948,917 barrels, accounting for approximately 2.3 per cent of the refinery’s total feedstock during the two-month period.
A breakdown of individual crude grades supplied to the Lekki-based 700,000-barrels-per-day refinery showed that Bonny Light emerged as the single largest feedstock during the May-June period, with total deliveries of 5.90 million barrels.
Qua Iboe ranked second with 4.80 million barrels, followed closely by Amenam, which supplied 4.00 million barrels. Forcados crude accounted for another 3.89 million barrels, further underscoring the dominance of Nigerian grades in the refinery’s crude slate.
Among other domestic streams, Escravos contributed 1.99 million barrels, while Utapate and Cawthorne supplied 1.90 million barrels and 1.89 million barrels, respectively. Bonga and Agbami deepwater grades added 1.03 million barrels and 1.00 million barrels, while Okwori contributed 418,462 barrels. Another Nigerian deepwater grade, ABO, accounted for 697,403 barrels.
The refinery also relied on several foreign crude grades to supplement domestic supplies. Libya’s El Sharara emerged as the largest foreign contributor, supplying 2.10 million barrels during the two-month period.
International trading blends also featured prominently in the refinery’s feedstock basket, with CJ Blend accounting for 1.95 million barrels and EA Blend contributing 997,377 barrels.
Guyana’s Payara crude supplied 1.02 million barrels, while Angola’s Cabinda grade contributed 996,349 barrels. Ghana’s Jubilee crude added another 956,001 barrels to the refinery’s intake. In addition, cargoes delivered under the Chile Prosperity trading designation amounted to 948,917 barrels during the review period.
The figures highlight the refinery’s preference for Nigerian crude grades, particularly Bonny Light, Qua Iboe, Amenam and Forcados, which together supplied more than 18.5 million barrels, accounting for nearly half of the refinery’s total crude intake over the two months.
The data further revealed a sharp decline in crude prices between May and June. In May, the refinery paid as much as $134.37 per barrel for some cargoes of Qua Iboe crude and $134.24 per barrel for Bonga, with the total value of crude deliveries for the month standing at approximately $2.68bn.
However, by June, prices had dropped significantly, with most cargoes trading between $90 and $97 per barrel, although Angola’s Cabinda crude was delivered at $123.30 per barrel. Total spending on crude purchases in June declined to about $1.80bn.
The reduction in prices came amid a retreat in international oil prices following concerns over slowing global demand, easing geopolitical tensions and increased production from some major oil-producing countries.
The lower prices have provided some relief to the refinery by reducing feedstock costs and potentially improving refining margins.
The latest data come amid renewed efforts by the Federal Government and industry regulators to improve the implementation of the domestic crude supply obligation framework and ensure a steady feedstock supply to local refineries.
The Dangote refinery had previously raised concerns over difficulties in securing sufficient volumes of local crude, prompting it to increasingly source barrels from international markets.
The government repeatedly expressed concerns over the inability of local refiners to secure adequate feedstock despite Nigeria’s status as Africa’s largest crude oil producer.
However, the latest cargo records indicate that Nigerian crude remains the backbone of the refinery’s operations, accounting for almost 78 per cent of total feedstock during the review period.
The refinery, which commenced petrol production in 2024, has become a major player in Nigeria’s downstream sector, significantly reducing the country’s dependence on imported refined petroleum products and increasingly exporting fuel to African and international markets.
Energy experts said maintaining adequate domestic crude supply and taking advantage of lower global oil prices could further strengthen the refinery’s competitiveness, support lower fuel costs and enhance Nigeria’s ambition of becoming a major refining hub for Africa.
Commenting on the development, the Chief Executive Officer of Petroleumprice.ng, Olatide Jeremiah, described the increase in domestic crude supply to the Dangote refinery as a positive sign for Nigeria’s refining sector and an indication that the government was paying greater attention to local refineries.
Jeremiah said, “For me, it is quite impressive that the crude feedstock from indigenous producers has increased significantly to over 70 per cent. It shows that the government is quite concerned about local refineries and the inflow of Nigerian crude to the Dangote refinery.”
According to him, the growing supply of local crude should eventually translate into lower fuel prices for consumers, particularly as the refinery has begun receiving cheaper cargoes amid the recent decline in global crude prices.
He added, “This should reflect in pricing, and I believe it would reflect this month of July. Part of the statement put out by the refinery has shown that they have started receiving a lot of cheaper crude. With that arrangement, the freight and logistics costs will reduce, and Nigerians should expect lower prices in the month of July.”
Jeremiah noted that increased access to domestically produced crude would reduce the refinery’s exposure to expensive imported feedstock and lower transportation costs associated with sourcing crude from foreign markets.
He said the combination of lower crude prices and higher domestic supply could give the refinery enough room to cut ex-depot prices further, a development that could trigger another round of petrol price reductions across the country.