Oando Plc has announced the suspension of its fuel import operations as the Dangote Refinery’s growing influence reshapes Nigeria’s downstream oil market.
In its latest financial report, the indigenous energy giant disclosed that it had “paused petrol trading activities” to realign its strategy with the rapidly changing local refining environment. The move follows the Dangote Refinery’s ramp-up in production, which has significantly reduced Nigeria’s dependence on imported fuel.
Oando reported a 20 percent drop in revenue to ₦2.5 trillion for the first nine months of 2025 compared to the same period last year. Despite the decline, the company recorded a strong rebound in profitability, posting ₦210 billion in profit after tax — a turnaround driven by higher upstream production and cost recovery.
Industry analysts say Oando’s decision signals a major shift in Nigeria’s energy dynamics, as local refining capacity begins to meet domestic demand. The 650,000 barrels-per-day Dangote Refinery has started to dominate fuel supply, forcing import-dependent marketers to rethink their business models.
Oando says it will now focus on expanding its crude oil trading, natural gas operations, and new ventures in energy transition, positioning itself for long-term sustainability in a rapidly evolving market.
Written By:Subair Damilare Adebayo
