Nigeria’s Petrol Imports Drop 13.77% Following Fuel Subsidy Removal: National Bureau Of Statistics

The National Bureau of Statistics (NBS) issued a report on Tuesday, revealing that Nigeria has seen a drop in petrol imports since President Bola Tinubu removed the fuel subsidy in May 2023.

According to their data, total fuel imports fell to 20.30 billion liters in 2023, down from 23.54 billion liters in 2022, which was a decrease of 13.77% compared to the previous year.

It also shared that petrol imports dropped by 3.58 billion liters in the second half of 2023 compared to the first half of the year. In the second half of 2023, Nigeria imported 8.36 billion liters of petrol, compared to the 11.94 billion liters in the first half, showing a 29.99% reduction.

"In 2023, PMS truck out stood at 20.22 billion liters, indicating a 16.96 percent decrease relative to 24.35 billion liters recorded in 2022," the report mentioned, Punch reported. "In terms of imported products, 20.30 billion liters of Premium Motor Spirit were imported in 2023 relative to 23.54 billion liters in 2022, showing a decrease of 13.77 percent."

In the second half of 2022, petrol imports were 11.98 billion liters, which meant there was a 30.22% drop compared to the second half of 2023, representing a decrease of 3.62 billion liters.

A breakdown of monthly fuel imports in 2023 showed that 2.09 billion liters were imported in January, down to 1.99 billion in February, and an increase to 2.29 billion in March.

The imports dropped to 1.91 billion in April and rose again to 2.01 billion in May. In June, the imports fell to 1.64 billion liters, then to 1.45 billion in July, and dropped further to 1.09 billion in August.

In September, 1.21 billion liters were imported, followed by 1.16 billion in October, 1.55 billion in November, and 1.88 billion in December.

These numbers show how the removal of the subsidy affected petrol imports in the country. The bureau also reported that the volume of diesel, known as Automotive Gas Oil, imported into Nigeria increased to 4.94 billion liters in 2023, up from 4 billion liters in 2022.

In 2023, Nigeria produced 109.39 million liters of Automotive Gas Oil (AGO), which is a 6.76% increase from the 102.47 million liters produced in 2022.

The country also produced about 69.71 million liters of Household Kerosene in 2023, compared to 44.68 million liters in 2022. This highlighted a growth rate of 56.02% over the year.

For AGO, the production of 109.39 million liters in 2023 marked a 6.76% increase compared to the previous year's production of 102.47 million liters.

Earlier this year, the Tinubu-led administration said they were all set to implement its CNG Initiative for Nigerians to cushion the effects of fuel subsidy removal.