According to data from the National Bureau of Statistics (NBS), Nigeria imported 20.3 billion liters of petrol in 2023.
NBS said this represents a 13.77% decrease from 2022 imports of 23.54 billion liters.
This was revealed in the 2023 Full-Year Petroleum Product Distribution Statistics released by the bureau on Wednesday.
“In terms of imported products, 20.3 billion liters of Premium Motor Spirit (PMS) were imported in 2023 compared to 23.54 billion liters in 2022, a decrease of 13.77%,” NBS reported.
It explained that gasoline truck shipments in 2023 were 20.22 billion liters, a decrease of 16.96% compared to 24.35 billion liters recorded in 2022.
According to the report, around 69.71 million liters of household kerosene (HHK) was produced locally in 2023 as against 44.68 million liters in 2022, representing a growth rate of 56.02 per cent over the period.
Regarding automotive light oil (diesel), it announced that 109.39 million liters were produced locally in 2023, compared to 102.47 million liters reported in 2022. This corresponds to a growth rate of 6.76%.
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It also announced that 4.94 billion liters of diesel will be imported in 2023, an increase of 23.66% compared to 4 billion liters in the previous year.
In July 2023, the Nigeria Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) announced that the country’s daily petrol consumption has significantly decreased following the removal of subsidies by the federal government.
Abolition of subsidies
President Bola Tinubu was sworn in in Abuja on May 29, 2023, taking over power from former President Muhammadu Buhari.
Upon taking office, Tinubu announced the abolition of the high petrol subsidy, which had been a drain on the national exchequer for years and cost the country trillions of naira annually.
Following the announcement, the Nigerian National Petroleum Corporation (NNPC Ltd) directed its distributors across the country to sell the fuel at between 480 and 570 Naira per liter, down from the original price of less than 200 Naira. The price has increased by 200%.
This price increase immediately led to various percentage increases in transportation fares and prices of goods and services.
In September, the price of petrol at pumps increased to N897 per liter at various outlets of NNPC Ltd in Abuja. Currently, petrol pump prices range from 900 Naira to 1200 Naira depending on the state.
In recent months, fuel shortages have hit major cities across Nigeria, impacting businesses and households.
The NNPC said in September that its ability to maintain regular petrol supplies across Nigeria was under threat. Oil companies said they are under financial stress due to the cost of supplying premium motor spirit (PMS), which is impacting sustainability of supply.
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