The amount of Premium Motor Spirit (PMS) imported into Nigeria in 2023 dropped to twenty.30 billion litres relative to 23.54 billion litres in 2022, displaying a lower of 13.77 per cent. Throughout the identical interval, PMS truck out stood at 20.22 billion litres, indicating a 16.96 per cent lower relative to 24.35 billion litres recorded in 2022.
This drop shouldn’t be unconnected with the elimination of gasoline subsidy by the current administration of President Bola Tinubu.
The elimination pressured gasoline costs to soar throughout Nigeria, with some stations promoting PMS at costs as excessive as N700 per litre.
The Nationwide Bureau of Statistics (NBS), in its Petroleum Merchandise Distribution Statistics Full Yr 2023 report launched yesterday, additionally knowledgeable that 69.71 million litres of Family Kerosene (HHK) have been domestically produced in 2023 in comparison with 44.68 million litres in 2022, indicating a progress charge of 56. 02 per cent over the interval.
The report says Nigeria’s gasoline import prices decreased by roughly 2.6 per cent, from N7.7 trillion in 2022 to N7.5 trillion in 2023. By way of semi-annual comparability, the nation incurred N3.5 trillion in gasoline importation prices within the second half of 2023, representing a ten.26 per cent lower in comparison with the N3.9 trillion recorded within the first half of the 12 months.
Nevertheless, within the first six months of 2024, the nation’s petrol import invoice stood at N5.8 trillion. When in comparison with the identical interval of 2023, the nation’s petrol import invoice elevated by 87.09 per cent from N3.1 trillion. The numerous improve in petrol imports will be attributed to excessive crude oil costs along with to the excessive alternate charges.
For Automotive Gasoline Oil (AGO), the report exhibits that 109.39 million litres have been domestically produced in 2023, greater, in comparison with 102.47 million litres reported in 2022. This means a 6.76 per cent progress charge. For imported AGO, the report exhibits that 4.94 billion litres of the product have been imported in 2023, indicating a rise of 23.66 per cent in comparison with 4 billion litres in 2022.
