October 29, (THEWILL) – Nigeria’s daily petrol consumption currently ranges from 45 million to 50 million litres, the Nigeria Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has disclosed.
The new data, however, contrasts recent reports of daily petrol consumption in Nigeria.
According to Daily Truck Out Report obtained by Channels Television from the NMDPRA, while daily petrol consumption as of May 2023 was 60,000 million litres per day, consumption as of August 20, 2024, was 4.5 million litres per day.
THEWILL reports that since May 29, 2023, when President Bola Tinubu declared an end to petrol subsidy, fuel prices have since increased from N195 per litre to about N1,300 per litre, pushing up headline inflation to an almost three-decade high of 34.19 percent in June. It has since slowed to 32.7 percent in September. The cost of living has also risen, plunging 129 million Nigerians into poverty, according to the latest data by the World Bank.
Most Nigerians have tamed the luxury of fuelling their cars as petrol marketers recently noted that sales at filling stations have reduced significantly.
But, Speaking on the sidelines of the ongoing 18th Africa Downstream Energy Week in Lagos, the NMDPRA Executive Officer, Farouk Ahmed, supported the authority’s claim of higher petrol consumption to increase industrial and consumer activities.
Noting that actual petrol consumption levels in Nigeria could decrease, Ahmed expressed hope that recent price adjustments and market liberalisation would reduce cross-border smuggling and retain more petrol within Nigeria.
“We hope this price adjustment or liberalisation will discourage cross-border smuggling of the product, meaning that more petrol will stay within the country”, he said.
Felix Ifijeh is a journalist with years of professional reporting experience. Known for his keen news sense, compelling storytelling and commitment to accurate, impactful reporting, he has built a reputation for turning leads into clear, engaging, and well-structured reports that resonate with readers. His work reflects deep newsroom experience and a commitment to accurate, impactful journalism.
