The importation of Premium Motor Spirit commonly known as petrol, declined by 3.5 billion litres over the past year, according to data from the National Bureau of Statistics.
This significant drop may reflect changes in consumption patterns, local production increases, or shifts in policy affecting fuel imports.
This was disclosed in the latest report released on Tuesday by NBS.
According to the report, petrol imports in 2023 decreased to 20.30 billion litres, down from 23.54 billion litres in 2022, representing a year-on-year decline of 13.77%.
NBS also noted that imports fell by 3.58 billion litres in the second half of 2023 compared to the first half, with H2 imports totaling 8.36 billion litres—down 29.99% from 11.94 billion litres in H1.
This trend indicates a notable reduction in petrol imports over the year.
It said, “In 2023, PMS truck out stood at 20.22 billion litres, indicating a 16.96 per cent decrease relative to 24.35 billion litres recorded in 2022.
“In terms of imported products, 20.30 billion litres of Premium Motor Spirit were imported in 2023 relative to 23.54 billion litres in 2022, showing a decrease of 13.77 per cent. This downward trend is even more notable when compared to H2 2022.
“In the latter half of 2022, petrol imports stood at 11.98 billion litres, resulting in a 30.22 per cent drop when compared to H2 2023, equivalent to a reduction of 3.62 billion litres.”
A breakdown for the monthly volume of fuel imports in 2023 showed that 2.09 billion was brought in January, reduced to 1.99 billion in February, increased to 2.29 billion in March, 1.91 billion in April, and 2.01 billion in May.
It was 1.64 billion in June, 1.45 billion in July, 1.09 billion in August, 1.21 billion in September, 1.16 billion in October, 1.55 billion in November and 1.88 billion in December.
Also, in 2023, the volume of Automotive Gas Oil or diesel, imported into Nigeria increased to 4.94 billion litres, up from 4 billion litres in 2022.
Additionally, local production of AGO reached 109.39 million litres, marking a 6.76% rise from the 102.47 million litres produced in 2022.
“About 69.71 million litres of Household Kerosene were locally produced in 2023 compared to 44.68 million litres in 2022, indicating a growth rate of 56.02 per cent over the period.
“For Automotive Gas Oil, 109.39 million litres were locally produced in 2023, when compared to 102.47 million litres reported in 2022. This represents a 6.76 per cent growth rate.
“Also, 4.94 billion litres of Automotive Gas Oil were imported in 2023, indicating an increase of 23.66 per cent compared to four billion litres in the previous year,” It stated.
