• Login
  • Register
Nairametrics
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
Nairametrics
No Result
View All Result
Home Business News

Petrol imports hit 4 year high in March 2018

Onome Ohwovoriole by Onome Ohwovoriole
May 26, 2018
in Business News, Politics
How Nigeria lost billions of dollars in the oil industry

Ibe Kachikwu, Minister of State, Petroleum Resources.

Share on FacebookShare on TwitterShare on Linkedin

Data from the National Bureau of Statistics (NBS) report on Petroleum Products Importation and Consumption for the first quarter ended March 2018, shows the volume of petrol imported into the country hit a 4 year high of 2.4 billion litres in March 2018.

The volume imported is also the highest recorded so far this year.

Prior to this, the highest volume of petrol imported into the country was 2.1 billion litres recorded in May 2014.

RelatedStories

Top 10 most expensive states to live in Nigeria in October 2024 

Top 10 most expensive states to live in Nigeria in November 2024 

December 16, 2024
Valentine's day business ideas

Businesses that will profit from today’s Valentine’s Day celebrations

February 14, 2023

Here are key highlights from the report

  • 5.67 billion litres of premium motor spirits was imported into the country in Q1 2018.
  • 954.47 million litres of automotive gas oil (AGO) was imported in Q1 2018.
  • 66.914 million litres of household kerosene (HHK) was imported in Q1 2018.
  • 5.1 million litres of aviation turbine kerosene (ATK) was imported into the country in Q1 2018
  • March 2018 recorded the highest volumes of premium motor spirits (PMS) imported into the country at 2.41 billion litres.
  • February 2018 was the month in which the highest quantity of automotive gas oil (diesel) was imported into the country at 340 million litres.
  • House hold kerosene imported into the country declined sharply from 34.2 million litres in January to 5.4 million litres in March 2018, the lowest so far this year.

Mixed fortunes for listed companies.

The increased volumes have however not translated to increased revenue for the companies listed on the Nigerian Stock Exchange.

This reflects the Nigerian National Petroleum Corporation (NNPC) could be importing a large proportion of the products as well as the decline in the average price of petrol.

Q1 2018 results for Total Plc show revenue from petroleum products dropped from N62.8 billion in 2017 to N30.2 billion in 2018.

Q1 2018 results for MRS Oil Plc show revenue from the sale of petroleum products increased from N36.3 billion in 2017 to N32,3 billion in 2018.

Eterna Oil Plc’s revenue dropped slightly from N12.8 billion in Q1 2017 to N11.4 billion in Q1 2018.

11 Plc (formerly known as Mobil Oil ) was, however, an outlier as revenue from petroleum products increased from N25.1 billion in 2017 to N45 billion in 2018.


Follow us for Breaking News and Market Intelligence.
Tags: NBS ReportOn the Moneypetroleum product importation
Onome Ohwovoriole

Onome Ohwovoriole

Onome Ohwovoriole has a degree in Economics and Statistics from the University of Benin and prior to joining Nairametrics in December 2016 as Lead Analyst had stints in Publishing, Automobile Services, Entertainment and Leadership Training. He covers companies in the Nigerian corporate space, especially those listed on the Nigerian Stock Exchange (NSE). He also has a keen interest in new frontiers like Cryptocurrencies and Fintech. In his spare time, he loves to read books on finance, fiction as well as keep up with happenings in the world of international diplomacy. You can contact him via onome.ohwovoriole@nairametrics.com

Related Posts

Top 10 most expensive states to live in Nigeria in October 2024 
Economy

Top 10 most expensive states to live in Nigeria in November 2024 

December 16, 2024
Valentine's day business ideas
Financial Literacy

Businesses that will profit from today’s Valentine’s Day celebrations

February 14, 2023
BTC could completely collapse the economy of El Salvador – Steve Hanke
Economy

Nigeria’s real inflation rate is actually 52%, far above NBS reports – Steve Hanke

November 9, 2022
Oil and Gas industry tops bank credit allocation for 2021 – NBS
Energy

Oil and Gas industry tops bank credit allocation for 2021 – NBS

October 12, 2022
How to grow your customer base, keep your business in demand (Part 1) 
Financial Literacy

How to grow your customer base, keep your business in demand (Part 1) 

October 10, 2022
From reading to vending: The story of Chike Nwafor who makes a decent living from peddling books 
Business

From reading to vending: The story of Chike Nwafor who makes a decent living from peddling books 

October 2, 2022
Next Post
Mobil Producing Nigeria Unlimited Chairman, Udom Inoyo

Implications of the Nosdra vs Mobil Producing Nigeria court ruling on fines imposed by government.

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

first bank








DUNS

Recent News

  • Alleged N110.4 billion Fraud: Court rules  Yahaya Bello’s international passport not in its custody
  • NELFUND to launch job portal linking student loan beneficiaries to employers by 2026 
  • FirstHoldco shares surge over 20% amid Otudeko’s exit in N323bn deal 

Follow us on social media:

Recent News

Federal High Court, REA

Alleged N110.4 billion Fraud: Court rules  Yahaya Bello’s international passport not in its custody

July 17, 2025
NELFUND

NELFUND to launch job portal linking student loan beneficiaries to employers by 2026 

July 17, 2025
  • iOS App
  • Android App
  • Contact Us
  • Home
  • Markets
  • Sectors
  • Economy
  • Business News
  • Financial Literacy
  • Disclaimer
  • Ads Disclaimer
  • Copyright Infringement

© 2025 Nairametrics

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Social Media Auto Publish Powered By : XYZScripts.com
No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
  • Login
  • Sign Up

© 2025 Nairametrics