Oando Plc says it has paused petrol (PMS) imports in response to the growing local refining capacity of the Dangote Refinery, which is reshaping Nigeria’s fuel supply landscape.
Gatekeepers News reports that Wale Tinubu, Group Chief Executive Officer of Oando Plc, disclosed this while commenting on the company’s recently released 2025 financial results, covering its first half (H1) and nine-month performance.
He said the company’s trading segment experienced revenue pressure during the period due to declining petrol imports, following the Dangote Refinery’s rising production levels — a development he described as positive for Nigeria’s energy independence.
“Our trading segment faced challenges which exerted pressure on the entity’s revenue and the group’s topline as a result of declining PMS imports into the country due to rising local refining capacity from the Dangote Refinery — a positive development that enhances Nigeria’s energy security and self-sufficiency,” Tinubu said.
According to him, Oando has responded by diversifying its crude offtake sources, optimising trade flows, and expanding into new markets such as liquefied natural gas (LNG) and metals trading.
“In response, we diversified our crude offtake sources, optimised trade flows, and expanded into LNG and metals,” he explained, adding that the measures are already yielding results and are expected to support stronger performance in the second half of 2025.
Tinubu noted that refined product volumes “remained under pressure, largely due to the well-deserved and expected success of the Dangote Refinery in meeting Nigeria’s import needs.”
He said Oando has consequently shifted its focus toward expanding global crude exports and leveraging structured pre-export transactions — an area in which the company “continues to record robust success.”
Revenue Down 20% After Strategic Pause in Imports
According to Oando’s financial statements, revenue for the first nine months of 2025 fell by 20 percent year-on-year to ₦2.5 trillion, from ₦3.2 trillion in the same period of 2024. The decline was primarily attributed to reduced petrol imports following the ramp-up of domestic refining activity by the Dangote Refinery.
The company said the development has “positively transformed Nigeria’s refined-product supply landscape,” although stronger upstream contributions helped partly offset the impact.
Oando added that it did not trade any petrol cargoes during the period, following a “deliberate strategic pause” as its trading division rebalanced its portfolio toward higher-margin crude and gas opportunities.
