Oando Plc has announced the suspension of petrol importation into Nigeria as the Dangote Refinery’s local fuel production continues to reshape the downstream market, causing a 20 per cent drop in the company’s trading revenue
In its half-year and nine-month 2025 financial statements, the energy firm said its trading segment experienced significant pressure due to the decline in Premium Motor Spirit imports, following increased domestic refining capacity.
“Our trading segment faced headwinds 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,” the company stated.
Oando explained that it responded to the market shift by diversifying crude offtake sources, optimising trade flows, and expanding into liquefied natural gas and metals to mitigate the impact of reduced PMS volumes.
Revenue for the first nine months of 2025 fell by 20 per cent year-on-year to ₦2.5tn from ₦3.2tn in 2024, mainly due to reduced gasoline imports, though partly offset by stronger upstream performance. Gross profit also declined by 42 per cent to ₦113bn, compared to ₦194bn in the same period last year.
Despite the decline in revenue, profit after tax surged by 164 per cent to ₦210bn from ₦76bn in 2024, driven by improved production volumes and legacy recoveries.
Oando noted that refined product volumes in its trading business remained under pressure as the Dangote refinery increasingly met Nigeria’s fuel demand. Consequently, the company has shifted its focus to expanding global crude exports and leveraging structured pre-export transactions.
During the review period, Oando maintained strong performance in crude trading, trading a total of 21 crude oil cargoes (19.8 million barrels) in the first nine months of 2025, compared to 15 cargoes (16.7 million barrels) in the same period last year.