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Nigeria’s petrol importation hits 5-year high in 2018, as diesel importation declines

Data for the four quarters in 2018, as previously released by the National Bureau of Statistics (NBS), shows that the country imported a total of 20.14 billion litres of PMS last year.

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ABCON shakes the table, Nigeria imported, Petrol import drops as importation of cooking gas increases by 21% 

Nigeria’s importation of Premium Motor Spirit (PMS) also known as Petrol, finally hits the 20.14 billion litres mark in 2018. In the last quarter of 2018 alone, Nigeria imported 5.3 billion litres of PMS.

Data for the four quarters in 2018, as previously released by the National Bureau of Statistics (NBS), shows that the country imported a total of 20.14 billion litres of PMS last year.

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According to the NBS report, Nigeria imported 17.3 million litres of PMS in 2017, compared to the new figure of 20.14 billion litres in 2018. This indicates that PMS importation increased by 16% year-on-year.

Basic Highlights

  • Petrol Importation hits an all-time high in 5 years
  • Diesel importation dropped in 2018
  • Household Kerosene rose again after the previous year decline
  • PMS importation statistics for Q4 2018 rose to 5.32 bn litres
  • Automotive Gas Oil (Diesel) importation hits the quarter high of 1.30 bn litres
  • The Dual Purpose Kerosene (DPK) increased to a quarterly high
  • Aviation Turbine Kerosene (ATK) rose to 267.80 million litres in the last quarter
  • Liquefied Petroleum Gas importation imported was 331.78 million
  • Nigeria imported 42.38 million litres of bitumen also in Q4
  • Also, 10.63 million litres of low pour fuel oil (LPFO) was imported in Q4

PMS importation rose again and hits a 5 year high of 20.14 billion litres in 2018

Report from the Bureau shows that PMS importation in Nigeria is not showing a sign of decline as it reached a five year high of 20.14 billion litres.

According to data available on the bureau’s webpage and obtained by Nairametrics, PMS importation stood at 18.5 billion litres in 2014, and then increased to 18.6 billion in 2016. According to the data, PMS importation increased by 16% year-on-year; 2017 and 2018.

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It is instructive to note that there was a rise in PMS importation in 2018, after the previous 4 year low of 17.3 billion low in 2017.

Diesel Importation falls for the second consecutive year to 4.23 billion litres in 2018

The importation of Diesel declined for the second consecutive year in 2018 to 4.23 billion litres from 4.27 billion litres in 2017. Also, Diesel importation in 2016 was 4.6 billion litres. This indicates that Diesel importation dropped by 9% in two years.

However, comparing a five-year historical growth trend in the importation of Diesel, Nigeria recorded a 22% increase in Diesel importation between 2014 and 2018. In 2014, the total volume of Diesel imported stood at 3.48 billion litres, while it rose to 4.23 billion litres in 2018.

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Meanwhile, Household Kerosene import rose again in 2018, after dropping for the 4th consecutive year 

Data shows that Household Kerosene importation increased to 537.6 million litres in 2018 after the importation dropped for the 4th consecutive year to 340 million litres in 2017. That is, Household Kerosene importation increased by 58% year-on-year in 2018.

However, within the last five year, Household Kerosene Importation decline by 82%. In 2014, the total volume of kerosene imported was 2.93 billion litres, while it stood at 537.6 billion litres in 2018.

Importation in last quarter 2018 shows Petrol, Diesel and Aviation Kerosene all rose

According to the data covering Q4 2018, Nigeria Petrol import rose to 5.3 billion litres, as against 4.36 billion litres in the third quarter. This indicates a 22% increase in Petrol import quarter-on-quarter 2018.

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Also, Aviation Turbine Kerosene also increased in the last quarter of 2018 to 267.8 million, compared to 212.8 million litres imported in the third quarter of 2018. Indication a 26% increase in import of the product.

However, importation of Diesel increased by 49% in the last quarter of 2018. In the last quarter, the total volume of Diesel imported rose to 1.3 billion litres, compared to 873.7 billion in the third quarter of 2018.

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Patricia

Samuel is an Analyst with over 5 years experience. Connect with him via his twitter handle

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Hospitality & Travel

Passengers can now arrive 90 minutes before departure for domestic flights – FG

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international passengers, Coronavirus: FG enforces immediate screening of travellers at airports with new directive

The Federal Government has announced the reduction of arrival time for passengers from three hours to one hour and a half before departure for domestic flights.

This was disclosed in a tweet post by the Minister for Aviation, Hadi Sirika, through his Twitter handle on Monday, July 13, 2020.

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The minister said that the decision was arrived at after they have reviewed passenger facilitation at the airport while noting that passengers should check-in online.

In the tweet post, Sirika said, ‘’My colleagues and I have reviewed passenger facilitation at our airports, consequently I am happy to announce that, henceforth travellers are to arrive one hour and half before their departure time for domestic flights. Travellers are advised to check-in online, please.’’

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It can be recalled that the Federal Airports Authority of Nigeria (FAAN) had earlier in June issued flight resumption protocol for both international and local passengers across the country, advising passengers to arrive at the airport three hours before their time due to the new COVID-19 safety checks for domestic flight operations and five hours for international flight operations.

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Economy & Politics

Seyi Makinde Proposes N3 billion investment plan for water supply

The local governments in Oyo are advised to submit a list of 10 faulty boreholes in the LG. 

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Seyi Makinde Proposes N3 Billion plan for water supply

The Governor of Oyo State, Seyi Makinde announced the proposal of a N3 billion investment plan dedicated to water supply in rural and urban areas of the state.

Speaking through the Chairman of Rural Water Supply and Sanitation Agency (RUWASSA), Mr. Najeem Omirinde in Ibadan on Monday, he added that N500 million of the N3 billion would be used for repairing broken and faulty state-owned boreholes.

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All Chairmen of each of the Local Governments in Oyo are advised to submit a list of 10 faulty boreholes in the Local governments.

The Oyo State governor also ordered that all new boreholes must be compliant with solar-powered pumps, to enable their longevity and save costs.

Urging residents to patronize the agency if they need to dig up boreholes for water, citing that it would be cheaper if done through the state agency than with private drilling companies.

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Minister of Finance, Zainab Ahmed stated last year that Nigeria needs an estimated N36 trillion annually for the next 30 years to solve Nigeria’s infrastructure problem. The investment, although a tiny fraction of what Nigeria needs is a bold step by the Oyo State government.

 

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Economy & Politics

FG asks UK court for more time to appeal $9.6 billion arbitration judgement

Malami stated that the Evidence of P&ID’s highly orchestrated scam had only recently come to light. 

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FG asks UK court for more time to appeal $9.6 billion arbitration judgement

The Federal Government has approached a UK court to appeal for more time to appeal the $9.6 billion arbitration award against it over the breach of contract with Process & Industrial Development (P&ID) Ltd.

Nigeria has said that it needs more time to pursue its argument that the 2010 gas supply contract with Process & Industrial Development Ltd was a sham.

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The legal dispute with P&ID is coming against the backdrop of the huge drop in the country’s revenue due to the collapse in oil prices globally. Nigeria had applied to US courts in March seeking for documents from 10 banks which includes Citigroup Inc. and JPMorgan Chase & Co, in a bid to prove its corruption allegations.

P&ID, however, has denied any wrongdoing in the whole transaction, arguing that Nigeria missed its opportunity to appeal.

The Nigerian Lawyer, Mark Howard, on Monday, the first morning of a 2-day hearing, said ‘’It is very unusual in a fraud case to discover a single smoking gun. By its very nature, fraud is conducted in secret, which makes it hard to detect and justifies an extension.’

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READ MORE: The effect of the United States’ Shale Oil on Nigeria?

The legal representatives for Nigeria are seeking another hearing for the judge to decide whether any misconduct has taken place and whether it justifies overturning the contract

The Attorney General and Minister for Justice, Abubakar Malami in a statement said, ‘’Evidence of P&ID’s highly orchestrated scam had only recently come to light.’’

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It can be recalled that last year, a UK judge upheld an earlier arbitration award to P&ID, which had accumulated to about $9.6 billion. The arbitration decision was over a failed contract to build a gas processing plant in the Southern city of Calabar.

The Nigerian lawyers disclosed that they have uncovered alleged bribes to government officials and their family members dating back to 2009.

Malami in his court filing on March 24, submitted that ‘’There is good reason to believe that ministers at the highest level were involved in a corrupt scheme to steal money from Nigeria.’’

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