National Bureau Of Statistics Reports 13.77% Decrease In Nigeria’s Petrol Imports

National Bureau Of Statistics Reports 13.77% Decrease In Nigeria’s Petrol Imports....KINDLY READ THE FULL STORY HERE▶

The import of Premium Motor Spirit (petrol) into Nigeria fell by 13.77% in 2023, totaling 20.30 billion liters compared to 23.54 billion liters in 2022. This information was revealed by the National Bureau of Statistics in its latest Petroleum Products Distribution Data for 2023……CONTINUE READING 

The decline in petrol imports is attributed to the fuel subsidy removal policy implemented by President Bola Ahmed Tinubu’s administration in May 2023.

Additionally, the data indicated a 16.96% decrease in petrol distribution, which dropped to 20.22 billion liters from 24.35 billion liters recorded in the previous year.

In contrast, imports of Automotive Gas Oil (AGO) increased by 23.66%, totaling 4.94 billion liters in 2023. The federal government’s removal of the fuel subsidy in 2023 led to a significant price increase, with petrol prices rising from N238 per liter to over N600 per liter.

As of September 2024, petrol pump prices have surged further, reaching between N950.22 and N1,100 per liter. This increase coincided with the start of domestic petrol production and distribution at the Dangote Refinery on September 15, 2024.

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