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Dangote imported 1.46bn litres blended gasoline – NMDPRA

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The Nigerian Midstream and Downstream Petroleum Regulatory Authority has revealed a growing reliance by Dangote Petroleum Refinery on imported gasoline blendstock, mainly to boost its refined fuel production, The PUNCH reports.

Latest industry data obtained from the NMDPRA’s Midstream and Downstream Petroleum Statistics for May 2026 and analysed by our correspondent on Sunday showed that the 650,000 barrels-per-day refinery imported about 1.46 billion litres of intermediates and gasoline blendstock between January and May this year, despite receiving volumes of domestic and imported crude oil.

The industry report showed that the refinery continued to supplement crude oil processing with imported intermediates, helping it sustain daily petrol production of 44.7 million litres and achieve an average capacity utilisation of 101.25 per cent in May.

It also indicates that the refinery continued to rely on imported intermediates and gasoline blendstock to optimise production of Premium Motor Spirit despite increased access to crude oil supplies.

The PUNCH reports that gasoline blendstock refers to intermediate petroleum products used in refining operations to produce finished petrol that meets required quality and environmental specifications.

The product, rather than being sold directly to consumers, serves as an intermediate feedstock that is blended with other refinery streams and additives to produce Premium Motor Spirit that meets required quality, octane and environmental specifications.

The blendstocks can be mixed with products generated from crude oil refining to increase petrol output, improve fuel quality and enhance refining flexibility. Common gasoline blendstocks include reformate, alkylate, naphtha and other high-octane blending components.

By introducing gasoline blendstocks into the refining process, a refinery can increase the volume of finished petrol produced without relying solely on crude oil inputs. This can be particularly useful when domestic demand is strong or when refiners seek to maximise returns from specific products.

In the case of Dangote Refinery, the NMDPRA data suggest that imported blendstocks may be helping the facility sustain high petrol output and reach its nameplate capacity of 650,000 barrels per day.

An analysis of the report by our correspondent showed that Dangote Refinery imported 658.31 million litres of gasoline blendstock in January, 306.89 million litres in February, 102.35 million litres in March, 147.37 million litres in April and 240.59 million litres in May.

The cumulative volume imported during the five-month period stood at approximately 1.46 billion litres. The latest data showed that after three consecutive months of decline between January and March, the refinery increased its blendstock intake in April and May, signalling stronger feedstock purchases as production activities expanded.

The May volume of 240.59 million litres represented a 63.3 per cent increase from the 147.37 million litres imported in April. The development comes as the refinery sustained high utilisation rates and continued to dominate Nigeria’s domestic fuel supply market.

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According to the NMDPRA report, the refinery operated at an average capacity utilisation of 101.25 per cent in May, underscoring strong operational performance at the facility.

The report further showed that the refinery produced an average of 44.7 million litres of Premium Motor Spirit per day during the month. Out of the total PMS produced, about 41.5 million litres per day were supplied to the domestic market, while closing stock stood at 9.4 million litres.

The refinery also produced 24.5 million litres of Automotive Gas Oil, commonly known as diesel, daily. Of this volume, 18.2 million litres were supplied locally while 6.5 million litres were exported. For aviation fuel, the refinery recorded daily production of 21.9 million litres. Domestic supply stood at 2.8 million litres per day, while exports reached 17.5 million litres daily.

Further analysis of the NMDPRA data showed that the refinery continued to receive a combination of domestic and imported crude oil feedstock. In May, domestic crude supplied to refineries stood at 15.84 million barrels, while imported crude accounted for 2.08 million barrels, bringing total crude receipts to 17.92 million barrels.

This compares with total crude receipts of 18.37 million barrels in April, made up of 17.96 million barrels of domestic crude and 410,000 barrels of imported crude. The figures suggest that despite improvements in local crude supply, imported feedstocks and intermediates remain an important component of the refinery’s operations.

On a comparison of imported gasoline feedstock and capacity output, the data suggests that Dangote Petroleum Refinery is increasingly deploying imported gasoline blendstock as a strategic feedstock to maximise petrol production and sustain operations at levels close to, and even above, its installed refining capacity.

Total crude receipts increased from 9.53 million barrels in January to a peak of 20.92 million barrels in March before moderating to 17.92 million barrels in May.

In January, when crude receipts stood at 9.53 million barrels, Dangote recorded its highest gasoline blendstock import volume of the year at 658.31 million litres. The high level of imports during the period likely reflected efforts by the refinery to supplement feedstock availability and maintain product output as crude supply arrangements were still being stabilised.

As crude supplies improved in February and March, the refinery’s dependence on imported blendstock declined sharply. Total crude intake rose to 13.11 million barrels in February and further to 20.92 million barrels in March, while gasoline blendstock imports dropped from 306.89 million litres in February to just 102.35 million litres in March, the lowest level recorded during the five-month period.

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The pattern suggested that increased access to crude oil reduced the refinery’s immediate need for imported gasoline components, allowing more products to be generated directly from refining operations.

However, the trend changed again in April and May. Despite maintaining strong crude receipts of 18.37 million barrels in April and 17.92 million barrels in May, the refinery increased its intake of gasoline blendstock from 147.37 million litres in April to 240.59 million litres in May, representing a 63.3 per cent rise within one month.

The increase coincided with some of the refinery’s strongest operational performance indicators since the commencement of production.

According to the NMDPRA report, Dangote Refinery achieved an average capacity utilisation rate of 101.25 per cent in May, surpassing its installed nameplate capacity. The refinery also produced 44.7 million litres of Premium Motor Spirit daily during the month, while supplying 41.5 million litres per day to the domestic market.

With a nameplate processing capacity of 650,000 barrels per day, the refinery would require about 20.15 million barrels of crude to operate at full capacity throughout a 31-day month. However, total crude receipts in May stood at 17.92 million barrels, below that threshold.

Yet, despite receiving less crude than the volume theoretically required for full-capacity operations, the refinery still reported utilisation above 100 per cent, suggesting that imported intermediates and gasoline blendstock played a complementary role in boosting finished product output.

The latest statistics also highlighted the continued absence of contributions from state-owned refineries. According to the report, the Port Harcourt Refining Company, Warri Refining and Petrochemical Company and Kaduna Refining and Petrochemical Company were all classified as being under shutdown status as of May 2026.

Their inactivity leaves Dangote Refinery as the country’s major operational refining hub and the largest supplier of locally refined petroleum products.

The refinery’s growing reliance on gasoline blendstock imports comes amid ongoing efforts by the Federal Government to achieve energy security, reduce dependence on imported refined products, and increase domestic refining capacity.

Since commencing large-scale operations, the Dangote Refinery has significantly altered Nigeria’s fuel supply landscape by reducing petrol imports and increasing local production, although the latest figures indicate that imported intermediates continue to play a strategic role in sustaining output levels.

With PMS production remaining above 44 million litres daily and blendstock imports rising again in May, the refinery appears to be strengthening its feedstock position as it seeks to consolidate its role in supplying Nigeria’s fuel requirements and expanding exports to regional markets.

Commenting, a Professor of Energy at the University of Lagos, Dayo Ayoade, explained that gasoline blendstocks are unfinished petroleum streams imported by refineries to enhance fuel quality, optimise operations and increase output.

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Ayoade, speaking in an interview on Sunday, noted that the importation of blendstocks could help refineries produce higher-quality fuel that complies with modern environmental standards.

He further explained that the strategy also enables refineries to maximise the efficiency of their processing units and sustain production levels.

He said, “Gasoline feedstocks are unfinished petroleum streams such as straight run naphtha, butane, reformate, fluid catalytic gasoline and different types of streams that are basically combined and blended eventually to meet the regulatory standards of Premium motor spirit, which the Petroleum Industry Act alludes to.

“This is actually common practice all over the world; there is no issue. It is not cheating or any problems. Like all refineries in the world, blended gasoline feedstock will allow a refinery to improve the quality of its petroleum products, e.g., Euro V quality fuel that has low sulphur, which is the acceptable type of fuel we need in the market now.”

The energy expert added that the feedstocks provide flexibility for refiners to adjust output in response to market demand.

He added, “It is also used to optimise the operational base of the refinery because they use it to maximise the output of the refinery units like the catalytic crackers or hydrocarbon crackers to ensure that they are producing.

“The refinery also wants the secondary unit to work at full capacity so when they import the kind of blends, it will allow the refinery to continue to work, especially where crude supply is not as stable as you would want it to be.”

However, Ayoade said the key concern should be the economic implications of continued importation, particularly its impact on foreign exchange. He warned that the development could also fuel misconceptions about the refinery’s operations.

“Basically, that feedstock gives the refinery the option of flexibility too. They keep adjusting the mixtures to produce different products which are needed for the domestic and international markets.

“It is not a bad thing. The only issue is what is likely the production impact. There are larger consequences of costs. The refinery is now at capacity, but the importation means we are leaking foreign exchange.

“So money is leaving Nigeria to buy things from international markets and then being exposed to the risks of the international market. The importation also allows detractors or enemies of the refinery to say that the refinery is importing finished PMS, which is not true.”

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Banks deposit N4.15trn with CBN as excess liquidity persists

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NIGERIA’S banking sector deposited a total of N4.15 trillion with the Central Bank of Nigeria (CBN) through the Standing Deposit Facility (SDF) during the week, highlighting persistent excess liquidity in the financial system, despite ongoing monetary tightening measures.

Market data showed that deposits at the SDF surged by nearly 60 percent from N2.60 trillion recorded in the previous week. In contrast, borrowing through the CBN’s Standing Lending Facility (SLF) remained marginal at N36.10 billion, indicating that banks faced little pressure in meeting short-term funding needs.

The liquidity glut was largely driven by substantial inflows from maturing Open Market Operation (OMO) bills valued at N2.21 trillion and Treasury bills maturities amounting to N269.36 billion. Although the settlement of N1.06 trillion from the Debt Management Office’s Treasury bills auction moderated system liquidity towards the end of the week, banking system balances remained firmly positive, closing at N4.32 trillion.

The improved liquidity environment pushed down interbank funding rates across key tenors. Overnight Nigerian Interbank Offered Rate (NIBOR) declined by 10 basis points to 22.19 percent while the one-month, three-month and six-month rates fell by 24 basis points, 38 basis points and 39 basis points to 22.35 percent, 22.56 percent and 22.83 percent, respectively.

Analysts said the decline in interbank rates reflected reduced demand for short-term funds among banks amid ample liquidity conditions.

In the fixed-income market, the Nigerian Treasury Bills True Yield (NITTY) curve recorded mixed movements. While yields on the one-month and 12-month instruments rose slightly to 16.46 percent and 21.05 percent, respectively, yields on the three-month and six-month tenors declined to 16.78 percent and 18.01 percent, reflecting stronger investor demand for medium-term government securities.

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The secondary Treasury bills market also maintained a bullish tone as investors continued to seek attractive sovereign instruments. Demand across short-, medium- and long-dated maturities drove the average Treasury bill yield down by 22 basis points to 18.51 percent from 18.73 percent in the previous week.

The latest figures extend a trend seen in recent weeks. In the third week of June, excess liquidity in the banking system surged by 37 percent, with banks’ placements at the CBN’s deposit window rising above N5 trillion as lenders parked surplus funds amid limited lending opportunities and the absence of aggressive liquidity mop-up operations by the apex bank.

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Nigerians now hold $59bn in Cryptocurrency assets —FDC

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NIGERIANS have accumulated an estimated $59 billion in cryptocurrency holdings, according to data released by Financial Derivatives Company (FDC) Limited during its July breakfast session. The figure highlights the country’s emergence as one of Africa’s and the world’s major players in digital assets.

This is just as BTC declined 0.92 percent in 24 hours to $59,368.

The earlier disclosure reflects a profound shift in Nigeria’s financial landscape. In Africa’s largest economy, crypto has moved from a fringe activity to a mainstream tool amid persistent inflation and naira volatility. Citizens and businesses are increasingly turning to dollar-pegged stablecoins and decentralised platforms, building a parallel financial system with significant economic influence.

Nigeria continues to rank among global leaders in adoption. According to Chainalysis’ 2024 Global Crypto Adoption Index, the country placed second worldwide for grassroots adoption, driven by widespread use in everyday transactions and cross-border commerce.

Despite these impressive statistics, a notable contradiction remains in public perception. While stocks, real estate, mutual funds, and foreign currency are openly discussed, many Nigerians still approach cryptocurrency with caution, often downplaying their involvement. Observers note that this hesitation stems more from perception than actual adoption levels.

Bitcoin (BTC), the leading cryptocurrency, traded at $59,368 after declining 0.92 percent in 24 hours, underperforming a softer broader market. The drop was driven by strong correlation to sell-offs in traditional tech stocks and persistent institutional outflows. U.S. spot Bitcoin ETFs recorded nearly $1.8 billion in net outflows last week, stripping away key support.

Analysts say Bitcoin is acting as a high-beta risk asset, mirroring rotations out of technology and semiconductor stocks rather than crypto-native catalysts. Aggregate open interest rose 5.11 percent while BTC trades below its 7-day simple moving average of $60,430 with an RSI of 34, signalling oversold conditions. A reclaim of $60,430 or a break below the $58,035 swing low will be critical in the near term.

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In a parallel development, Bitcoin experienced a sharp decline in millionaire addresses during the first half of 2026. According to Finbold’s H1 2026 Cryptocurrency Market Report, addresses holding at least $1 million fell from 148,084 to 121,431 — a loss of 26,653 addresses or 18%. This came as BTC’s price dropped approximately 34.2% from $88,700 to $58,315. The largest decline was in the $1–10 million bracket.

Jordan Major, Chief Editor at Finbold, said: “The data shows how quickly Bitcoin’s on-chain wealth distribution can shift when prices fall. This does not necessarily point to widespread selling, but rather a price-driven reclassification of wallets.”

On the regulatory front, Nigeria’s Securities and Exchange Commission (SEC) on July 2 approved seven additional digital asset and fintech companies for its regulatory sandbox under the Accelerated Regulatory Incubation Programme (ARIP). The firms granted Approval-in-Principle are Bitbarter Technologies, Luno Fintech Nigeria, GetEquity, Koinkoin Global Network, Wrapped CBDC, Trovotech, and Blockvault Custodian.

These conditional approvals, which do not constitute full licences, signal a gradual formalisation of the sector as authorities balance innovation with oversight.

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Nigeria’s oil output hits 74-month high, beats OPEC quota

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Nigeria’s crude oil production has climbed to its highest level in more than six years, with the country exceeding its Organisation of the Petroleum Exporting Countries production quota for the fourth consecutive month, buoyed by improved operational stability and fewer disruptions to oil infrastructure.

Latest figures released on Sunday in Abuja by the Nigerian Upstream Petroleum Regulatory Commission showed that the country’s average crude oil production rose to 1.56 million barrels per day in June 2026, while condensate output stood at 0.18 million barrels per day, bringing total crude oil and condensate production to 1,735,398 barrels per day.

The production level represents 104 per cent of Nigeria’s 1.5 million barrels per day crude oil production quota approved by OPEC and marks the country’s highest crude oil output since April 2020, making it a 74-month high.

The figures, contained in the commission’s latest production report and conveyed in a statement issued by its Head of Media and Corporate Communications, Eniola Akinkuotu, showed that June also marked the fourth consecutive month of production growth, reinforcing the recovery of Nigeria’s upstream oil sector after years of production losses caused by crude theft, pipeline vandalism and operational disruptions.

The statement read, “Nigeria’s crude oil and condensate production soared to an average of 1,735,398 barrels per day in the month of June 2026, representing positive growth for a 4th consecutive month. In the month under review, crude oil production hit 1.56mbpd while 0.18mbpd of condensates was produced. This means Nigeria met 104 per cent of the 1.5mbpd crude oil production quota set by the Organisation of Petroleum Exporting Countries.”

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According to the commission, total crude oil and condensate production increased from 1.700 million barrels per day recorded in May to 1.735 million barrels per day in June, representing a 2.2 per cent month-on-month increase.

The report showed that combined production had earlier stood at 1.483 million barrels per day in February before rising steadily to 1.564 million barrels per day in March, 1.663 million barrels per day in April, 1.701 million barrels per day in May, and 1.735 million barrels per day in June.

The NUPRC attributed the improved performance to stable production activities across major oil-producing assets and the absence of significant pipeline outages during the review period.

“The improved performance was primarily driven by stable production operations across most producing assets and the absence of any major pipeline outages during the period under review.

“This enhanced operational stability supported improved production uptime and crude evacuation efficiency. Although a limited number of assets experienced short-duration operational shutdowns, the overall impact on national production was minimal.

“In addition, scheduled turnaround maintenance activities were effectively managed and completed without significant disruption to production operations.

“The sustained growth recorded in June reflects the continued commitment of operators and industry stakeholders towards improving operational efficiency, maintaining asset integrity, and enhancing production reliability across the Nigerian upstream petroleum sector,” the statement added.

The commission also disclosed that Nigeria’s highest daily combined crude oil and condensate production during the month reached 1.89 million barrels per day, while the lowest daily production stood at 1.57 million barrels per day.

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The peak production level underscores Nigeria’s growing potential to achieve the Federal Government’s medium-term ambition of producing two million barrels of oil per day, a target that has remained elusive for years due to insecurity in oil-producing communities, crude theft and ageing infrastructure.

An analysis of production by export terminals showed that Bonny Terminal retained its position as Nigeria’s highest-producing terminal, recording an average daily production of 318,280 barrels, compared with 293,880 barrels in May.

Forcados Terminal ranked second with 306,360 barrels per day, up from 289,900 barrels recorded in the previous month.

However, production at Qua Iboe Terminal declined to 164,730 barrels per day from 173,360 barrels per day in May.

Similarly, Escravos Terminal recorded a slight increase to 138,030 barrels per day, compared with 135,470 barrels per day in the previous month, while Bonga Terminal maintained steady output, producing 103,660 barrels per day, slightly above the 102,540 barrels per day recorded in May.

The sustained production growth is expected to strengthen Nigeria’s oil export earnings, improve foreign exchange inflows and provide additional fiscal revenues for the Federal Government at a time authorities are seeking to increase crude output and attract fresh investment into the upstream sector.

Nigeria has struggled in recent years to meet its OPEC production allocation because of widespread crude oil theft, pipeline vandalism, underinvestment, and prolonged operational challenges. However, reforms introduced under the Petroleum Industry Act, enhanced security around critical oil infrastructure, and closer collaboration between government agencies and oil producers have contributed to the gradual recovery in production.

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Maintaining production above the OPEC quota and sustaining operational stability will be critical if Nigeria is to realise its target of producing two million barrels per day and maximise the benefits of favourable global oil market conditions.

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