Story perspectives

Nigeria Imports 40 M Barrels, Costs Fall, Prices Stable

7/6/2026

Summary

Story summary

Nigeria's refinery imported 40.40 million barrels of crude oil in May-June 2026.
Average landed cost fell from $124.80 to $95.25 per barrel, still above the $71 benchmark.
The refinery sourced crude from Bonny Light, Qua Iboe, Escravos, Forcados and, for the first time, the United Arab Emirates.
It absorbed higher crude costs to cushion inflation, kept downstream prices stable, and said refining improves energy security, cuts import reliance and eases foreign-exchange pressure.

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Story summary

Nigeria's refinery imported 40.40 million barrels of crude oil in May-June 2026.
Average landed cost fell from $124.80 to $95.25 per barrel, still above the $71 benchmark.
The refinery sourced crude from Bonny Light, Qua Iboe, Escravos, Forcados and, for the first time, the United Arab Emirates.
It absorbed higher crude costs to cushion inflation, kept downstream prices stable, and said refining improves energy security, cuts import reliance and eases foreign-exchange pressure.