Nigeria's Oil Marketers Record 146% Profit Surge as Subsidy Era Ends

Nigeria's leading oil marketers—TotalEnergies Marketing Nigeria, Conoil Plc, MRS Oil Nigeria, and Eterna Plc—have reported a staggering 146% profit surge following the removal of fuel subsidies in 2023. With fuel prices soaring from N200 to over N1000 per litre, these downstream oil giants posted an impressive profit after tax of N45.3 billion for the nine months ending September 2024, marking a major leap from the N18.5 billion reported in 2023. Analyst Bolade Agboola from Chapel Hill Denham Securities weighs in on whether this profit spike is purely a result of rising fuel prices or if operational factors also played a role. Agboola further examines the impact on the Nigerian stock exchange, the challenges posed by soaring operational costs, and the possible implications of Dangote Refinery’s PMS production on revenue models. With NNPCL stepping back from its role as Nigeria’s sole petrol importer, the discussion also touches on market competition, consumer demand, and the potential risks of limited diversification in revenue streams. Watch to get expert insights on the future of Nigeria’s oil industry.

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