Petrol imports in Nigeria experienced a notable decline of 3.5 billion litres over the past year, according to the latest data from the National Bureau of Statistics (NBS). The agency’s recently released petroleum products distribution statistics reveal that total imports of Premium Motor Spirit (PMS), commonly known as petrol, fell to 20.30 billion litres in 2023, down from 23.54 billion litres in 2022, marking a year-on-year decrease of 13.77 percent.

The NBS highlighted that petrol imports dropped by 3.58 billion litres in the latter half of 2023 compared to the first half of the year. Specifically, the country imported 8.36 billion litres of PMS in the second half of 2023, a significant reduction from the 11.94 billion litres recorded in the first half, reflecting a decline of 29.99 percent. The agency stated, “In 2023, PMS truck-out figures stood at 20.22 billion litres, representing a 16.96 percent decrease from the 24.35 billion litres reported in 2022.”

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When examining the breakdown of monthly fuel imports for 2023, figures indicate fluctuations throughout the year: 2.09 billion litres in January, 1.99 billion in February, 2.29 billion in March, 1.91 billion in April, and 2.01 billion in May. The trend continued with 1.64 billion litres in June, decreasing to 1.45 billion in July, and further down to 1.09 billion in August. Monthly imports slightly increased to 1.21 billion in September, followed by 1.16 billion in October, 1.55 billion in November, and concluding with 1.88 billion in December. This data underscores a significant drop in fuel consumption across the nation.

In contrast, the report noted an increase in imports of Automotive Gas Oil (diesel), which rose to 4.94 billion litres in 2023, compared to four billion litres in 2022. Local production of diesel also saw a slight uptick, with 109.39 million litres produced in 2023, representing a 6.76 percent rise from the previous year’s 102.47 million litres. Additionally, local production of Household Kerosene surged, with 69.71 million litres produced in 2023, compared to 44.68 million litres in 2022, indicating a remarkable growth rate of 56.02 percent.