"No More 9.9bn Litres Per Month": FG Says Daily Petrol Consumption Has Dropped to 46.38m Litres
- The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has stated that daily petrol consumption has waned
- Farouk Ahmed disclosed the data at a stakeholders meeting in Lagos on Tuesday, July 18, 2023
- He said Nigeria now consumes about 46.38 million litres of petrol daily
According to the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), Nigeria's daily petrol consumption has declined from 65 million liters per day to 46.38 million liters as the country removed subsidies from petrol.
Farouk Ahmed stated this during a stakeholders' meeting with Lagos's oil and gas downstream operators.
Source: Getty Images
From 62 million litres Nigerians now consume 46.38 million litres
Ahmed revealed that the figure is a 35% drop when compared with the 65 million liters per day before subsidy removal.
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Per the NMDPRA boss, an average daily truck out for petrol consumption post-subsidy on May 29 declined to 46.38 million liters.
He said:
"In January, it was 62 million per liter; February, 62 million per liter; March, 71.4 million per liter; April, 67.7 million per liter; May 66.6 million per liter; June, 49. 5 million per liter and July, 46.3 million per liters," he said.
He said the meeting was to review the downstream sector after subsidy removal and appreciate marketers who import petroleum products.
He revealed that about 56 companies had been licensed to import petrol while 10 committed to importation.
Daily consumption coming down from 9.9 billion litres daily
Data released on Sunday, July 9, 2023, by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (MDPRA) indicates that between January 1 and May 28, 2023, before the deregulation period, petrol consumption was about 9.9 billion liters.
The average consumption for the 148 days was 66.9 million liters, showing that Nigeria consumed about 66.9 million liters of petrol per day during the first five months when the subsidy subsisted.
But figures from MDPRA showed that from June 1 to June 28, 2023, described as the post-deregulation period, total petrol consumption across Nigeria was about 1.36 billion liters, while the average daily consumption was 48.43 million liters.
A study of the data indicated that the difference between the average daily consumption figures before the deregulation and after was about 18.5 million liters.
The development implies that the average daily petrol consumption across the country plummeted by about 18.5 million liter post-subsidy removal by the federal government.
Petrol consumption increased by above 100 million liters on some days and dropped to 10 million on others.
Petrol prices to come down as marketers begin importation, says FG
Legit.ng reported that the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) revealed on Monday, July 17, 2023, that oil marketers have begun the importation of petrol into Nigeria.
Before now, the Nigerian National Petroleum Corporation (NNPC) imported most of the petrol consumed in Nigeria.
But Faroul Ahmed, the chief executive officer of NMDPRA, said out of the 56 oil marketing firms that applied for licenses, 10 had shown commitment, while three imported fuel into Nigeria.
Source: Legit.ng
