Petrol importation falls by 12.6%, diesel importation increases

The National Bureau of Statistics (NBS) has reported a significant year-on-year (YoY) decline in the distribution of Premium Motor Spirit (PMS), commonly known as petrol, in 2023. According to the NBS Petroleum Products Distribution Statistics released today, October 1, the volume of petrol distributed fell by 12.6%, dropping to 20.29 billion litres from 23.24 billion litres in 2022.

The report also highlighted a sharp 16.9% YoY decline in PMS truckouts, which stood at 20.22 billion litres in 2023 compared to 24.35 billion litres in the previous year.

On the other hand, the volume of Automotive Gas Oil (AGO), or diesel, imported into Nigeria saw a substantial increase. Diesel imports surged to 4.94 billion litres in 2023, up from 3.99 billion litres in 2022, representing a growth of 23.66%. Furthermore, local production of diesel rose by 6.76%, with 109.39 million litres produced in 2023 compared to 102.47 million litres the previous year.

Household Kerosene (HHK) also recorded impressive growth, with local production climbing 56% YoY. In 2023, 69.7 million litres of HHK were locally produced, up from 44.68 million litres in 2022.

However, the report highlighted that local production of petrol has been inactive since 2018, when the last recorded figure was 128.08 million litres.

In summary, the NBS report revealed both declines and gains across petroleum products in 2023, with a noticeable drop in petrol distribution, while diesel imports and the production of other fuels like HHK and AGO showed significant increases.