The rise in fuel stored in refinery tanks on September 29 does not necessarily mean the consumer market is already oversupplied.

A report on September 27 concerning the Dangote refinery disclosed that combined inventories of three refined product categories stood at approximately 631 million liters at the end of August.

EasyMarkets said this figure represents the storage volume at a specific point in time and should be understood alongside product composition and the pace of outbound shipments.

When judging inventory pressure, EasyMarkets is of the view that gasoline, diesel and jet fuel cannot simply be added together and assigned a single shared demand assumption.

The customers, transport methods and sales cycles these different products serve vary, and slower turnover in one fuel type cannot be used to conclude that the others are similarly unsold. The real constraints are often reflected in the specific configuration of storage tanks and logistics.

Inventory itself plays a dual role: it can buffer against unit maintenance or delivery fluctuations, while also tying up capital and warehousing resources.

If subsequent orders connect smoothly, higher inventory may improve delivery assurance; if shipments remain persistently slower than production, companies may adjust processing loads or seek external outlets.

The impact of these two paths on crude oil procurement is not the same.

This is also why inventory figures need to be read together with turnover days; absolute scale alone is not enough to answer the question.

More helpful than looking at total inventory alone is comparing the subsequent pace of shipments and restocking.

EasyMarkets noted that turnover improvement usually requires stable orders and smooth distribution working together, and cannot rely on nominal capacity alone.

If the product mix changes, the tank occupation time of each fuel type should also be reassessed, using continuous data to judge whether inventory is providing a buffer or becoming a burden.