Nigeria’s petrol imports dip nearly 14%, but diesel cargo jumps 23%
By Jeph Ajobaju, Chief Copy Editor
Importation of refined petroleum slashed 13.77 per cent from 23.54 billion litres in 2022 to 20.30 billion litres in 2023, months before Dangote Refinery began selling fuel locally in early September 2024, giving hope importation will drop further when the $12 billion plant begins to deliver to the domestic market all year.
The latest figures released by the National Bureau of Statistics (NBS) in its Petroleum Products Distribution Data for 2023 show that fuel import reduced following subsidy removal by President Bola Tinubu at his inauguration on 29 May 2023.
Fuel being sold at market price reduces consumption and also discourages smuggling to neighbouring countries which bloated demand prior to May last year.
NBS data also shows:
- The distribution of petrol decreased 16.96 per cent from 24.35 billion litres in 2022 to 20.22 billion litres in 2023.
- A total 4.94 billion litres of diesel were imported in 2023, a 23.66 per cent increase on 2022 figures.
When fuel subsidy removal was announced in May 2023, the pump price rose from N238 per litre to above N600 per litre.
By September 2024, the cost had jumped to between N950.22 and N1,100 per litre.
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