The import of Premium Motor Spirit (petrol) into Nigeria fell by 13.77 percent to 20.30 billion liters in 2023, down from 23.54 billion liters in 2022.
He National Bureau of Statistics revealed this information in its most recent Petroleum Products Distribution Data for 2023.
This data indicated that petrol imports were reduced due to the implementation of the fuel subsidy removal policy by President Bola Ahmed Tinubu’s administration in May 2023.
Additionally, the report showed that petrol distribution decreased by 16.96 percent, falling to 20.22 billion liters from 24.35 billion liters reported in 2022.
Similarly, the data revealed that 4.94 billion liters of Automotive Gas Oil were imported in 2023, reflecting a 23.66 percent increase.
Recall that in 2023, the federal government announced the removal of the fuel subsidy, which caused the price of the product to rise from N238 per liter to over N600 per liter.
In September 2024, the price of petrol increased to between N950.22 and N1,100 per liter.
This rise coincided with the start of domestic petrol distribution from Dangote Refinery on September 15, 2024.
