The Nigerian Federal Government has revealed that the nation’s daily petrol consumption has fallen to 50 million liters, with local refineries now supplying just half of that amount.
During a stakeholders’ meeting in Abuja, Ogbugo Ukoha—Executive Director of Distribution Systems, Storage and Retailing Infrastructure at the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) shared the update.
Ukoha explained that despite the decline in consumption, petrol imports remain essential to avoid future shortages in the downstream sector. He attributed the reduction primarily to the removal of subsidies, noting that prior to President Bola Tinubu’s administration, daily consumption was over 60 million liters.
He recalled, “We have consistently enjoyed a period free from scarcity, with demand for PMS rising steadily from 2021 through 2022 until 2023, right before the current administration assumed office. Daily PMS supplies used to exceed 60 million liters—averaging about 66 million liters per day.
However, following the subsidy withdrawal announced on May 29, 2023, we witnessed a marked decline, settling at roughly 50 million liters per day.”Ukoha further noted that domestic refineries now contribute less than 50% of this daily supply, meaning the shortfall required by the Petroleum Industry Act (PIA) is being met through imports.
