Sources & Assumptions

Benchmark values have dates. They are not live market feeds.

IMF Nigeria Report

Source basis for the illustrative 55% PMS, 26% diesel and 19% jet-fuel main-product mix referenced by the supplied research.

U.S. Energy Information Administration — EIA

42 US gallons per barrel; approximately 159 litres per barrel; refinery processing-gain explanation; general refinery output principles.

MOMAN

Historical September 2026 landed/import-parity benchmark examples for diesel (₦1,917.82/L), jet fuel (₦1,864.67/L) and PMS (₦1,334.67/L).

NMDPRA

Referenced in the supplied research regarding Nigerian PMS consumption (≈50 million litres/day teaching example).

Default crude price ($70/bbl) and exchange rate (₦1,300/$) are illustrative teaching inputs. The 55/26/19 split is an illustrative main-fuel mix, not the output of any specific refinery.

Products this model does not allocate

Real refineries also produce LPG, naphtha, fuel oil and more, which this simplified teaching model does not allocate. Other outputs include petroleum coke, bitumen, sulfur, lubricants, refinery gases and petrochemical feedstocks.

The model focuses on petrol, diesel and jet fuel — Nigeria's main transport fuels — so the co-product idea stays easy to follow. Because those other products also carry value, a full accounting would share the crude cost even more widely.

This application is an educational model. Results are not audited refinery accounts, official government prices, financial advice or investment advice. It does not calculate the actual production cost of Dangote Refinery, NNPC or any specific refinery.