NIGERIA IMPORTS MORE PETROL THAN IT CONSUMES

It looks like Nigeria imports more litres of petrol than it consumes monthly.

According to latest petrol importation figures released by the National Bureau of Statistics. (NBS), petrol importation volume has been going down since May with the exception of July.

In May 2026.1m litres of petrol was imported at landing cost of N249876.2m.

This dropped to 1455.2m litres in June at N179641.8m before rising to 1535.4litres in July at N174517.2m.

The monthly drop then resumed to  1501.2m litres by August at N185514.4m and finally 1335.2m litres by last September at N168739m

The curious thing though was that the same NBS also released consumption data earlier that put average national daily petrol consumption at 47.8m litres in May, 51.5m by June, 41.2m in July. 47.1m in August and 44.4m litres by September.

Based on this, May consumption must have come to about 1481.8m litres that is 544.3m litres less than the imported figure. Now where did that go to within the month? Strategic reserve or exports?

In June, total consumption must have come to about 1545m litres, that is 89.8m litres more than imported. How was this shortfall met? From strategic reserve or from local refinery supply?

Since then consumption must have fallen below importation monthly. In July total consumption came to about 1277.2m litres, 258.2m litres below the imported volume.

In August the gap between import and consumption narrowed to about 41.1m litres surplus importation.

Finally, this reduced further to 3.2m surplus by September given average 1332m consumption.

One good thing though was that throughout the five months covered by the NBS report, landing cost monthly was below recommended maximum pump price of N145 per litre.

The average landing cost was N123.33 per litre in May, N123.45 in June; dropped to N113.66 by July before recovering to N123.58 in August and N126.38 by September.

Thus, at worst, what petrol stations have been experiencing is reduced margin on each litre unless official charges imposed have tended to push cost per litre nearer or above the cap.

This may explain the recent assurance of the Petroleum minister of state, Ibe  Kachukwu that there will be no increase in recommended maximum pump price but the pricing template will be adjusted to remove some official charges.

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