Petrol Imports in Nigeria See Sharp Decline in 2023

According to data from the National Bureau of Statistics (NBS), the importation of Premium Motor Spirit (PMS) in Nigeria decreased by 3.5 billion litres in the last year. This significant drop is a result of a downward trend in petrol imports, which has been evident since the second half of 2022.

The statistics show that total petrol imports reduced to 20.30 billion litres in 2023 from 23.54 billion litres recorded in 2022, marking a decrease of 13.77 per cent year-on-year. The decline is even more pronounced when compared to the first half of 2023, with a 29.99 per cent reduction in petrol imports in the second half.

The NBS data also revealed a significant drop in monthly fuel imports in 2023, with a notable decrease in imports from 2.09 billion litres in January to 1.99 billion litres in February. The trend continued throughout the year, with imports decreasing to 1.64 billion litres in June, 1.45 billion litres in July, and 1.09 billion litres in August.

This decline in fuel imports highlights a drop in consumption across the country, with households and businesses affected by the reduced availability of petrol.

In contrast, the importation of Automotive Gas Oil (AGO), also known as diesel, increased to 4.94 billion litres in 2023 from four billion litres in 2022, representing a 23.66 per cent increase. Additionally, local production of AGO rose to 109.39 million litres in 2023, a 6.76 per cent increase from the previous year.

The data also showed a significant growth in the local production of Household Kerosene, with 69.71 million litres produced in 2023 compared to 44.68 million litres in 2022, indicating a growth rate of 56.02 per cent over the period.

These statistics provide valuable insights into the trends and patterns of fuel imports in Nigeria, and will likely inform policy decisions aimed at stabilizing the country’s fuel market.