imported a total of 40.40 million barrels of crude oil between May and June 2026, spending about $4.48bn on feedstock purchases, according to an analysis of official cargo discharge and pricing records on Friday.
The data was released by the refinery to dispel rumours that refinery 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 figures show that the refinery imported 21.47 million barrels in May 2026 at a total landed cost of $2.68bn before receiving another 18.93 million barrels in June 2026 valued at $1.80bn, reflecting a gradual easing in global crude pricing pressures.
The data further revealed that the average landed cost per barrel declined from $124.80 in May to $95.25 in June, a drop of nearly 24 per cent within a single month, driven largely by shifts in crude grades, freight conditions and global supply dynamics.
In total, the two-month period recorded 40.40 million barrels of crude imports, with significant variations in both volume and price per barrel.
The figures revealed that the refinery paid an average landed cost of $124.80 per barrel in May, compared to $95.25 per barrel in June, representing a sharp monthly decline of about $29.55 per barrel or nearly 24 per cent.
A breakdown of the cargoes shows that imports were drawn from a wide basket of crude grades and international suppliers, including West African blends such as Bonny Light, Qua Iboe, Forcados, Amenam and Escravos, as well as international streams such as El Sharara, Cabinda and Agbami, delivered through multiple trading vessels.
Further analysis of the data shows that May 2026 imports were dominated by high-priced cargoes such as El Sharara, Bonga and Qua Iboe, with several shipments exceeding $130 per barrel, pushing up the monthly average landed cost.
For instance, the El Sharara cargo on Kriti Energy cost $131.05 per barrel, while another El Sharara shipment through KRITI HERO also stood at $131.05 per barrel, reflecting the premium pricing of certain grades and freight conditions during the period.
Similarly, the Bonga cargo aboard Nordic Tellus recorded a landed cost of $134.24 per barrel, one of the highest in the month, contributing significantly to the overall import bill.
However, June 2026 data showed a clear easing in landed costs, with multiple cargoes arriving below the $95 per barrel mark, particularly from grades such as CJ Blend, Escravos, Agbami and Amenam, which helped reduce the monthly average.
The cheapest cargo in June was Amenam, delivered via Sonangol Njinga Mbande at $90.52 per barrel, while several other shipments clustered between $92 and $94 per barrel, signalling improved market conditions or freight adjustments.
A pricing breakdown indicates that the decline in June was driven largely by a combination of softer global crude benchmarks, improved shipping efficiencies, and a higher proportion of lower-cost West African grades.
The fluctuations underscore Nigeria’s continued vulnerability to external pricing dynamics, especially as domestic refining capacity remains insufficient to absorb demand.
Energy market operators note that cargo sourcing patterns, ranging from West African grades like Bonny Light, Qua Iboe and Forcados to international blends such as El Sharara and Jubilee cargoes, also reflect Nigeria’s mixed procurement strategy to meet refinery feedstock and trading requirements.
In May 2026, the refinery received 998,980 barrels of Amenam crude aboard the Barbarosa vessel at a landed cost of $120.87 per barrel, amounting to $120.75m.
A second Amenam cargo was delivered via the Sonangol Njinga Mbande, totalling 500,125 barrels at $112.99 per barrel, valued at $56.51m. Another Amenam shipment on Lord Byron 21 brought in 500,065 barrels at $114.05 per barrel, worth $57.03m.
For Qua Iboe crude, the Nordic Tellus delivered 950,891 barrels at $134.37 per barrel, valued at $127.78m, while a separate cargo on Advantage Spring supplied 950,345 barrels at $131.33 per barrel, worth $124.81m. A third Qua Iboe cargo via Sonangol Kalandula delivered 997,261 barrels at $117.98 per barrel, valued at $117.66m, while another shipment on Nordic Space brought in 996,017 barrels at $116.70 per barrel, valued at $116.24m.
Utapate crude was supplied through Lord Byron 21, with 949,774 barrels delivered at $120.27 per barrel, amounting to $114.23m.
Bonny Light crude featured prominently. A cargo of 971,016 barrels arrived on Plata South at $124.31 per barrel, valued at $120.70m, followed by another 951,611 barrels on the same vessel at $128.70 per barrel, worth $122.47m.
A third Bonny Light cargo on Lord Byron 21 delivered 949,488 barrels at $116.68 per barrel, valued at $110.79m, while another shipment via Sonangol Kalandula supplied 947,306 barrels at $115.27 per barrel, worth $109.19m. A fifth Bonny Light cargo arrived aboard Moscow Spirit with 1,030,923 barrels at $131.20 per barrel, valued at $135.26m.
Bonga crude was received via Nordic Tellus, with 1,032,151 barrels delivered at $134.24 per barrel, amounting to $138.56m. Payara crude on Advantage Serenity accounted for 1,018,733 barrels at $130.75 per barrel, valued at $133.20m, while ABO crude on Advantage Spring delivered 697,403 barrels at $131.09 per barrel, worth $91.42m.
Cawthorne crude on Sonangol Njinga Mbande supplied 948,394 barrels at $119.76 per barrel, valued at $113.58m. El Sharara crude featured twice in May. The Kriti Energy vessel delivered 1,060,626 barrels at $131.05 per barrel, valued at $139.00m, while the KRITI HERO shipment brought in 1,043,246 barrels at the same price, valued at $136.72m.
Jubilee crude arrived via Advantage Spring, with 956,001 barrels at $127.76 per barrel, valued at $122.14m. Overall, May 2026 recorded a total import volume of 21,466,614 barrels, valued at $2,679,095,365.22.
In June 2026, CJ Blend crude on the Nordic Space vessel accounted for 651,265 barrels, landed at $94.51 per barrel and valued at $61.55m. A second CJ Blend cargo on Advantage Spring delivered 650,200 barrels at $93.16 per barrel, worth $60.57m.
Escravos crude was delivered in two shipments. Advantage Spring carried 998,192 barrels at $93.75 per barrel, valued at $93.58m, while another cargo of 998,362 barrels on the same vessel arrived at $92.29 per barrel, worth $92.14m.
Forcados crude featured strongly in June. Sonangol Kalandula delivered 948,859 barrels at $96.42 per barrel, valued at $91.49m, while another cargo on the same vessel supplied 948,580 barrels at $92.92 per barrel, worth $88.14m. Additional Forcados shipments included 1,048,708 barrels on Nautilus I at $95.45 per barrel, valued at $100.10m, and 948,745 barrels on Sonangol Njinga Mbande at $93.52 per barrel, worth $88.72m.
Cabinda crude on Advantage Solo accounted for 996,349 barrels at a landed cost of $123.30 per barrel, valued at $122.85m. Agbami crude on Nordic Space delivered 1,000,160 barrels at $92.83 per barrel, valued at $92.85m.
Amenam crude featured twice via Sonangol Njinga Mbande, with 499,807 barrels and 499,666 barrels, respectively, both priced at $90.52 per barrel and valued at $45.24m and $45.23m.
Cawthorne crude on Sonangol Kalandula delivered 951,104 barrels at $91.78 per barrel, valued at $87.29m. Bonny Light shipments included 994,831 barrels on Advantage Serenity at $94.95 per barrel, worth $94.46m, and 947,376 barrels on Advantage Solo at $92.93 per barrel, worth $88.04m. Another Bonny Light cargo of 1,050,595 barrels on Ithaki Warriors was priced at $94.37 per barrel, valued at $99.14m.
EA Blend on Aristoklis delivered 997,377 barrels at $97.77 per barrel, valued at $97.51m. Qua Iboe crude on Advantage Spring and Advantage Solo accounted for 951,597 barrels and 949,839 barrels, priced at $94.59 and $92.81 per barrel, valued at $90.01m and $88.15m, respectively.
Utapate crude on Sonangol Njinga Mbande supplied 951,843 barrels at $93.21 per barrel, valued at $88.72m. Chile Prosperity delivered 948,917 barrels at $92.17 per barrel, valued at $87.46m. Overall, June 2026 recorded 18,932,372 barrels, valued at $1,803,241,176.34.
In a detailed statement explaining the pricing dynamics, the Dangote Petroleum Refinery said crude oil procurement and product pricing do not move in real time with global oil benchmarks.
It stated, “It is important to clarify that refinery pricing does not move in tandem with daily international crude oil quotations. Crude oil is procured weeks, and in some cases months, before it is processed, under commercial contracts linked primarily to monthly average pricing mechanisms rather than prevailing spot market prices.”
The refinery explained that current fuel output reflects older, higher-priced crude inventories.
“Consequently, the petroleum products currently being supplied from our refinery are being produced from crude inventories acquired at substantially higher costs than today’s market prices. The average landed cost of crude processed by the refinery was approximately US$124.80 per barrel in May and US$95.25 per barrel in June, compared with the current international benchmark of about US$71.01 per barrel.”
It further noted that its procurement structure is not tied to headline Brent prices alone. “Furthermore, refinery feedstock is not purchased at the headline ICE Brent price commonly reported in the media. Our crude is acquired on a Dated Brent plus market premium, freight and logistics cost basis, resulting in actual landed costs that differ materially from benchmark quotations.”
On pricing policy, the refinery said it deliberately absorbed cost pressures to stabilise the domestic market. “Notwithstanding these elevated feedstock costs, Dangote Petroleum Refinery did not immediately transfer the full impact of rising crude prices to the Nigerian market. Instead, the refinery absorbed a substantial portion of the increase in order to support market stability, reduce inflationary pressures, and shield consumers from the extreme volatility witnessed in global energy markets.”
It added that Nigeria currently benefits from domestic refining capacity: “Nigeria today benefits from the stabilising role of domestic refining capacity. The Dangote Petroleum Refinery currently supplies volumes sufficient to meet national demand, helping to strengthen energy security, eliminate dependence on imports, conserve foreign exchange and provide greater price stability for consumers and businesses.”
The refinery also confirmed that further price reductions are expected as lower-cost crude enters its processing cycle: “As procurement costs continue to decline and lower-priced inventories replace higher-cost crude stocks, Nigerians can expect further price moderation, provided international market conditions remain favourable.”
It said its broader objective remains unchanged: “Our objective remains unchanged: to supply high-quality, internationally compliant petroleum products at competitive prices while strengthening Nigeria’s energy security, supporting economic growth and ensuring the long-term sustainability of Africa’s largest refinery.”
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