The import of Premium Motor Spirit (petrol) into Nigeria fell by 13.77 percent to 20.30 billion liters in 2023, down from 23.54 billion liters in 2022, according to the National Bureau of Statistics.
“In terms of imported products, 20.30 billion litres of Premium Motor Spirit (PMS) were imported in 2023 relative to 23.54 billion litres in 2022, showing a decrease of 13.77%,” the bureau said.
This decline followed the fuel subsidy removal policy introduced by President Bola Ahmed Tinubu’s government in May 2023.
The distribution of petrol also decreased by 16.96 percent to 20.22 billion liters from 24.35 billion liters in the previous year.
“In 2023, PMS truck out stood at 20.22 billion litres, indicating a 16.96% decrease relative to 24.35 billion litres recorded in 2022.”
Additionally, 4.94 billion liters of Automotive Gas Oil (AGO), also known as diesel, were imported in 2023, marking a 23.66 percent increase.
“About 69.71 million litres of Household Kerosene (HHK) were locally produced in 2023 compared to 44.68 million litres in 2022, indicating a growth rate of 56.02% over the period,” NBS said.
On September 21, President Bola Tinubu said Nigeria’s daily consumption of petrol reduced to about 30 million litres after subsidy removal.
Following the subsidy removal, petrol prices surged from N238 per liter to over N600, with pump prices in September 2024 reaching between N950.22 and N1,100 per liter as domestic production began at the Dangote Refinery on September 15, 2024.
