FG Licenses 8 New Petroleum Marketers as Consumption Drops to 44.3 Million Litres Per Day
- The Nigerian government said it has licensed about eight petroleum marketing companies
- The NMDPRA disclosed that the licensed marketers imported over 291 million litres of petrol
- The agency's Chief Executive Officer, Farouk Ahmed said Nigeria's petrol consumption crashed to 44.3 million litres daily
The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has revealed that Nigeria's petrol consumption has crashed immensely from 66.7 million litres pre-deregulation to 44.3 million litres daily.
The Chief Executive Officer of NMDPRA, Farouk Ahmed, said that the drop represents about 33.58% daily.
Source: Twitter
New marketers import 291 million litres of petrol in four months
He revealed this during the Oil Trading and Logistics (OTL) 2023 West Africain Lagos conference on Monday, October 23, 2023.
According to Ahmed, eight wholesale petroleum product suppliers have been licensed out of the 94 applications.
The NMDPRA disclosed that the licensed marketers delivered eight petrol cargoes to 251 MT, about 291.2 million litres of petrol between June and September 2023.
He said the number of licensed importers dropped because of Forex's challenges, which have impeded oil marketing in Nigeria.
Ahmed stated that the efforts by the Nigerian government to improve the stability of the unified Forex market would aid petrol imports by more oil marketing firms with the Nigerian National Petroleum Company Limited (NNPC).
He said:
"The efforts of the Nigerian government towards ensuring that the overall national energy security of the country is administered in a manner that optimizes position within the complex global energy dynamics.
Vanguard reports that Ahmed said Nigeria needs to explore a structured energy transition to adopt gas as a transition fuel and strategic gas development frameworks via the Decade of Gas Programme (DOGP).
Petrol consumption on the decline in Nigeria
In June, figures from NMDPRA showed that between June 1 to June 28, 2023, known as the post-deregulation period, Nigeria consumed 1.36 billion litres of petrol monthly, while the daily consumption figures amounted to 48.43 million litres.
The development indicates that Nigeria's average daily petrol consumption crashed by about 18.5 million litres after subsidy removal.
“From 46m to 9m Litre Per Day:" NNPC says petrol consumption Has Crashed by 30 percent
Legit.ng reported that the Group Managing Director of the Nigerian National Petroleum Company Limited (NNPC), Mele Kyari, has revealed that petrol consumption has fallen 30% in Nigeria.
Kyari announced during a media briefing in Abuja where the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, revealed that Nigeria is planning to woo domiciliary account holders to utilize their funds in Nigeria.
Kyari noted that a reduction in petrol consumption is attributed to the subsidy removal by President Bola Tinubu.
Source: Legit.ng
