Nigeria’s Petrol Imports Drop by 3.5bn Litres in 2023, Says NBS

The importation of Premium Motor Spirit (PMS), commonly known as petrol, decreased by 3.5 billion litres over the past year, according to data from the National Bureau of Statistics (NBS).

In its latest report on petroleum product distribution, released on Tuesday, the NBS revealed that total petrol imports fell to 20.30 billion litres in 2023, down from 23.54 billion litres in 2022, marking a 13.77 per cent year-on-year decline.

The NBS further noted that petrol imports decreased by 3.58 billion litres in the second half of 2023 compared to the year’s first half.

According to the report, the country imported 8.36 billion litres of Premium Motor Spirit (petrol) in the second half (H2) of 2023, a significant drop from the 11.94 billion litres imported in the first half (H1) of the year, representing a 29.99 per cent reduction.

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 monthly breakdown of fuel imports in 2023 showed 2.09 billion litres were imported in January, decreasing to 1.99 billion in February, rising to 2.29 billion in March, and then fluctuating with 1.91 billion in April and 2.01 billion in May.

The figures further showed imports of 1.64 billion litres 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.

These numbers reflect a decline in fuel consumption across the country.

Similarly, the NBS reported an increase in the importation of Automotive Gas Oil (AGO), commonly known as diesel, which rose to 4.94 billion litres in 2023 from four billion litres in 2022.

The statistics also showed that 109.39 million litres of AGO were produced locally in 2023, representing a 6.76 per cent increase 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 added.