The National Bureau of Statistics (NBS) has revealed that Nigeria imported 11.94 billion litres of Premium Motor Spirit (PMS), commonly known as petrol, during the first half of 2023. This marks a 3.29 per cent increase compared to the 11.56 billion litres recorded in the same period of 2022.
Additionally, the Petroleum Products Distribution Statistics for Half Year 2023, released on Wednesday, indicated that 2.83 billion litres of Automotive Gas Oil (AGO), also known as diesel, were imported during the first half of 2023, reflecting a substantial 49.72 per cent surge compared to the 1.89 billion litres in the corresponding period of 2022.
According to the NBS report, there was a 5.83 per cent decrease in PMS truck out, which stood at 11.48 billion litres in the first half of 2023 compared to 12.19 billion litres recorded in the first half of 2022.
Furthermore, the report highlighted local production figures, stating that 26.07 million litres of Household Kerosene (HHK) were locally produced in the first half of 2023, showing a growth rate of 16.79 per cent over the period, while 55.48 million litres of Automotive Gas Oil (AGO) were locally produced during the same period, indicating a growth rate of 10.54 per cent compared to the corresponding period of 2022.
In terms of imported products, the report also noted that 11.94 billion litres of PMS were imported in the first half of 2023, up from 11.56 billion litres in the corresponding period of 2022, representing an increase of 3.29 per cent.
Additionally, 2.83 billion litres of Automotive Gas Oil were imported during the same period, indicating a significant increase of 49.72 per cent compared to 1.89 billion litres in the same period of 2022.
This data comes amidst the Nigerian government’s declared intention to cease fuel importation by 2024, attributed to the commencement of operations at the 650,000 barrel-per-day (bpd) Dangote and Port Harcourt Refineries. However, recent reports suggest that the Dangote Refinery may import crude from the US in the coming months, indicating the evolving dynamics of the global oil market.
