Nigerians consumed less petroleum products in 2023 compared to the previous year, the country’s National Bureau of Statistics has revealed in its latest report.
The report titled “2023 Full Year Petroleum Product Distribution Statistics” showed that last year’s PMS truck spill volume was 16.96% lower than the volume recorded in 2022.
“PMS truck shipments in 2023 were 20.22 billion liters, representing a decrease of 16.96% compared to 24.35 billion liters recorded in 2022,” the report said. .
“About 69.71 million liters of household kerosene (HHK) was produced locally in 2023 compared to 44.68 million liters in 2022, representing a growth rate of 56.02% over the period,” it added.
Domestic automotive diesel oil (AGO) production for the fiscal year under review was 109.39 million liters, a slight increase compared to the same period last year.
“For automotive gas oil (AGO), 109.39 million liters were locally produced in 2023 compared to 102.47 million liters reported in 2022. This corresponds to a growth rate of 6.76%. ”, the report emphasizes.
“It also shows that 4.94 billion liters of automotive diesel oil were imported in 2023, representing an increase of 23.66% compared to 4 billion liters in the previous year,” it added.
Additionally, Premium Motor Spirit (PMS) was imported at 20.3 billion liters in 2023 compared to 23.54 billion liters in 2022, a decrease of 13.77%.
Abolition of fuel subsidies
On May 29, 2023, Bola Ahmed Tinubu was sworn in as the new President of Nigeria and immediately began implementing some of the programs he vowed to adopt.
His economic package begins with the removal of controversial fuel subsidies, which he has promised to lift immediately.
At that time, the price of petrol in the country rose from 189 Naira to 557 Naira per liter and would continue to rise, putting a huge strain on household budgets.
Currently, fuel prices range from 800 Naira to 1200 Naira, depending on the state, a significant increase from the 189 Naira price the country enjoyed before the current president took office.
In the past few weeks, the country has also experienced an energy crisis caused by sharp increases in fuel prices and nationwide fuel shortages.
Additionally, the West African country owes state-owned oil companies nearly half of its expected revenue this year due to gasoline subsidies reintroduced in August, the report said.
The report sparked a debate about the feasibility of eliminating subsidies in May 2023.
The report also shows that the Nigerian National Petroleum Corporation (NNPC) incurred subsidy debt of 7.8 trillion naira ($4.9 billion) in the seven months to July, according to NNPC Chief Financial Officer Umar Aziya. It was also revealed that
