FG: Nigeria’s petrol consumption drops by 12m litres daily

The average daily consumption of Premium Motor Spirit (PMS) popularly called ‘petrol’ has dropped by over 12 million litres in the month of July.

Nigerians consumed 52 million litres daily in July as against the national daily consumption figure of 64,964,000 recorded in June 2023.

The data was obtained from the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), an agency of the Federal Government, on Sunday, August 20, 2023.

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The data shows that the land-based stock and closing stock less dead stock of petrol was 1,120,487,848 as at the end of July 2023.

Also, the marine stock which included berth and offshore availability was 521,035,645.

The total stock was 1,641,523,493 litres while the depot dead stock was 83,637,781 litres.

Total stock inclusive of dead stock was 1,725,161,274 litres.

The land-based days sufficiency was 21.55 days while marine days sufficiency was put at 10.02 days and total days sufficiency cumulatively stood at 31.57 days.

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Conversely, on July 1st, land-based stock of PMS was 1,059,330,321 litres while marine stock at berth and offshore stood at 826,447,740 litres.

As of July 1st, the national PMS stock levels, the Nigerian National Petroleum Corporation Limited (NNPCL) had 293,380,735 litres in stock.

Members of the Major Oil Marketers Association of Nigeria (MOMAN) had 91,202,643 litres while Depot and Petroleum Products Marketers Association of Nigeria had 753,825,183 litres.

The NMDPRA data showed that Nigeria had land-based days sufficiency of 21.55 days as of the end of July while marine days sufficiency was 10.02 days which brings the total days sufficiency to 31.57 days.

The Star