The import of Premium Motor Spirit (petrol) into Nigeria fell by 13.77% to 20.30 billion litres in 2023, down from 23.54 billion litres in 2022.
This information was released by the National Bureau of Statistics in its latest Petroleum Products Distribution Data for 2023.
The decrease in petrol imports is attributed to the implementation of the fuel subsidy removal policy introduced by President Bola Ahmed Tinubu’s government in May 2023.
The data also revealed that petrol distribution dropped by 16.96%, falling to 20.22 billion litres from 24.35 billion litres recorded the previous year. In contrast, imports of Automotive Gas Oil rose by 23.66%, reaching a total of 4.94 billion litres in 2023.
It’s worth noting that the Nigerian government announced the removal of the fuel subsidy in 2023, which caused petrol prices to soar from N238 per litre to over N600 per litre. By September 2024, the pump price of petrol had climbed further, ranging from N950.22 to N1,100 per litre.
This price hike coincided with the commencement of domestic petrol production at the Dangote Refinery on September 15, 2024.
