Nigeria’s importation of Premium Motor Spirit (PMS), also known as petrol, decreased by 3.5 billion litres in 2023, according to data from the National Bureau of Statistics (NBS). The total volume of petrol imports fell to 20.30 billion litres in 2023, marking a 13.77 percent decline from the 23.54 billion litres recorded in 2022.
The NBS report, released on Tuesday, highlighted a significant reduction in the second half of 2023. Petrol imports dropped by 3.58 billion litres in H2 2023 compared to the first half, where 8.36 billion litres were imported, a 29.99 percent decline from the 11.94 billion litres brought in during H1 2023.
“In 2023, PMS truck-out stood at 20.22 billion litres, reflecting a 16.96 percent decrease compared to 24.35 billion litres in 2022,” the NBS stated. The reduction in petrol imports was even more noticeable when comparing H2 2023 with H2 2022, where imports fell by 30.22 per cent, equivalent to a 3.62 billion-litre decrease.
Monthly breakdowns for 2023 revealed fluctuating import volumes, with 2.09 billion litres in January, 1.99 billion litres in February, and 2.29 billion litres in March. April imports stood at 1.91 billion litres, followed by 2.01 billion in May. June recorded a further decline to 1.64 billion litres, and by December, imports rose slightly to 1.88 billion litres.
The drop in petrol imports reflects a broader decrease in consumption across Nigeria.
In contrast, the volume of Automotive Gas Oil (diesel) imported into Nigeria increased significantly in 2023, rising to 4.94 billion litres from four billion litres in 2022. Local production of diesel also saw growth, with 109.39 million litres produced in 2023, a 6.76 per cent increase from 102.47 million litres in the previous year.
Additionally, the production of Household Kerosene surged by 56.02 per cent, with 69.71 million litres locally produced in 2023 compared to 44.68 million litres in 2022.
