N279bn petrol cargoes arrive amid Dangote-NNPC legal battle

Six vessels carrying a substantial volume of refined petroleum products, estimated at 212.7 million liters and valued at nearly N279 billion, are set to arrive at Nigerian ports this week. These shipments include Premium Motor Spirit (petrol) and Automotive Gas Oil (diesel), destined for various terminals across Lagos and Calabar.

The arrival of these cargoes occurs amidst a legal dispute initiated by the Dangote Refinery. The refinery is seeking a court injunction to prevent the importation of refined petroleum products into the country. This move is being contested by the Nigerian National Petroleum Company Limited (NNPC) and other oil marketers, who are challenging Dangote's request in the Lagos Federal High Court.

The imported fuel, based on current prices at the Dangote gantry, represents a significant financial outlay. The approximately 183.3 million liters of petrol are valued at roughly N229.1 billion, while the 29.4 million liters of diesel add approximately N50 billion to the total cargo value. This shipment, valued at about $205 million at the current exchange rate, highlights the substantial investment in fuel imports.

Shipping reports detail the specific vessels and their cargo, including the MT Mosunmola carrying 45,000 metric tonnes of PMS and the MT Leste, the sole diesel carrier with 25,000 metric tonnes. The vessels are managed by various maritime agencies and are expected to berth and discharge their cargo throughout June, with some arrivals already occurring and others anticipated later in the month.