Four marketers spend N833bn on fuel imports – Report

Nigeria’s major oil marketers have significantly benefited from the Federal Government’s recent policy to eliminate subsidies on petroleum products. This change has allowed marketers to operate in a more market-driven environment, leading to substantial financial gains.

In the first nine months of 2024, four prominent oil marketers reported significant revenue gain, earning a total sum of N1.3tn from the sales of petroleum products to Nigerians.

Despite the considerable costs involved in fuel imports, the oil firms spent N833.86bn on the importation of petroleum products within the period, making their gross profit on petrol sales hit N465.92bn.

This is according to the nine months’ financial statements of the companies as listed on the Nigerian Exchange.

The oil companies include Total Energies Marketing Nigeria, MRS Oil Nigeria, Eterna Plc, and Conoil Plc.

The firms also navigated rising operational expenses, achieving more than 100 per cent year-on-year growth in their nine months’ net profits, thanks to subsidy removal.

In May 2023, the current administration announced the removal of subsidies, jacking up petrol prices and resulting in more revenues and profits for major oil marketers. The petrol price has hovered from N200 per litre since late May 2023 to over N1,060 per litre in November 2024.