Nigeria Spent N2.11tn on Petrol Importation in 2020

Nigeria’s expenditure on the importation of Premium Motor Spirit otherwise known as petrol rose by 17.54 per cent to N2.11tn in 2020, revealed the National Bureau of Statistics.

In 2019, Nigeria’s spent N1.71tn on petrol importationlower than the N2.95tn figure of 2018, stated the NBS.

The data also disclosed that petrol topped the list of goods imported into the country, accounting for 11.7 per cent of the total amount spent on imported products from January to September.

Petrol imports rose to N573.69bn in the fourth quarter of 2020 from N532.62bn in Q3 and N87.08bn in Q2. In the first three months of 2020, the country spent N1tn on the importation of petrol.

However, fuel consumption and imports fell to a record low in Q2 2020 due to the lockdown imposed by the Federal Government to contain the spread of COVID-19 pandemic in the country.

Data obtained from the Nigerian National Petroleum Corporation also showed that the volume of petrol imported into the country through the Direct Sale Direct Purchase scheme fell from a high of 2.25 billion litres in March to 1.81 billion litres in April and 495.10 million litres in May.

Under the DSDP scheme, selected overseas refiners, trading companies and indigenous companies are allocated crude supplies in exchange for the delivery of an equal value of petrol and other refined products to the NNPC.

The NNPC has been the sole importer of petrol into the country in recent years. Private marketers have yet to resume petrol importation due to a lack of full deregulation of petrol price and access to foreign exchange at the official rate.

The corporation said in its latest monthly report that to ensure continuous increased PMS supply and effective distribution across the country, a total of 1.72 billion litres of PMS were supplied for the month of November.

“The corporation has continued to diligently monitor the daily stock of Premium Motor Spirit to achieve smooth distribution of petroleum products and zero fuel queue across the nation,” NNPC stated.

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