Oando Plc has halted petrol imports following increased fuel supply from Dangote Refinery.
The firm said the shift cut its revenue by 20% but opened new growth opportunities.
Oando Plc has announced the suspension of its petrol importation activities following the surge in domestic fuel supply from the Dangote Refinery, which has reshaped Nigeria’s downstream market and reduced the company’s trading revenue by about 20%.
In its half-year and nine-month 2025 financial reports, the company said its trading division came under pressure due to the sharp drop in Premium Motor Spirit (PMS) imports caused by increased local refining. It noted that while this shift is positive for Nigeria’s energy independence, it affected revenue across the group.
“To adapt, we diversified our crude offtake sources, improved trade flows, and expanded into new commodities such as liquefied natural gas and metals,” Oando said. “These steps are beginning to yield results and will support stronger performance in the coming periods.”
Oando’s report showed that revenue fell from N3.2 trillion in the first nine months of 2024 to N2.5 trillion in the same period of 2025, representing a 20% decline. The company attributed the drop to reduced gasoline imports, although this was partly balanced by higher output from its upstream operations.
Gross profit dropped 42% to N113 billion from N194 billion in the previous year, reflecting lower sales and changes in its product mix. Despite this, profit after tax rose significantly to N210 billion, up from N76 billion a year earlier, driven by stronger production and recoveries.
The company confirmed that refined product volumes continued to fall as the Dangote Refinery met most of Nigeria’s domestic demand. “We have shifted focus to expanding global crude exports and structured pre-export transactions, which have continued to perform well,” it stated.
During the review period, Oando traded 21 crude oil cargoes amounting to 19.8 million barrels, up from 15 cargoes (16.7 million barrels) recorded in 2024. The firm also said it deliberately paused PMS trading, acknowledging the structural change brought by Dangote’s local production.
“With the refinery now supporting national fuel availability, we have turned attention to higher-margin crude and gas trading opportunities while assessing when to re-enter the refined product market as conditions stabilise,” the company added.
Looking ahead, Oando said it plans to strengthen its crude trade operations and expand further into gas and metals trading as part of efforts to build a balanced energy portfolio and sustain long-term growth.
The 650,000-barrel-per-day Dangote Refinery, which began operations in 2024, now meets a large share of Nigeria’s petrol and diesel needs, reducing the nation’s reliance on imports.
To further protect local refineries, the Federal Government recently imposed a 15% import duty on petrol and diesel, a move analysts say will make fuel imports less attractive and consolidate the refinery’s market dominance.
