Nairametrics
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
  • Markets
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Content Partners
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Get Data
    • Macro-Economic News
    • Research Analysis
  • Business News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
  • Markets
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Content Partners
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Get Data
    • Macro-Economic News
    • Research Analysis
  • Business News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
No Result
View All Result
Nairametrics
No Result
View All Result
Home Industries Energy

Nigeria imports 12.3 million metric tons of petrol in first 7 months of 2022 – Navy

William Ukpe by William Ukpe
July 22, 2022
in Energy
Latest drop in India’s oil import spells bad news for Nigeria’s forex reserves
Share on FacebookShare on TwitterShare on Linkedin

Nigeria imported 12.3 million metric tons of Premium Motor Spirit (PMS), otherwise known as petrol in the first seven months of 2022, making it a total of 202.9 million metric tons since 2015.

This was disclosed by Chief of Naval Staff, Vice Admiral Anwal Gambo at a hearing of the  House of Representatives ad hoc Committee investigating the volume of fuel consumed daily in Nigeria, according to the News Agency of Nigeria.

This comes as Nigeria’s subsidy consumption has nearly doubled in ten years, with FG recently projecting to spend over N6 trillion in subsidy by 2023.

RelatedPosts

Why Naira is heading towards N700/$ again

Nigeria must end “criminality called oil subsidy” – Peter Obi

What the Navy Chief is saying

Represented by Admiral Olusola Oluwagbire, Gambo said, “202.9 million metric tonnes of fuel was imported into the country from January 2015 to date.

“From our records, the amount of PMS imported from 2015 to July 2022, that is, the total quantity of PMS imported from all sources, NNPC, PPMC, OMTC, into Nigeria, amounts to 202.9 million metric tons.

News continues after this ad


“And for the first seven months of 2022 so far, from our records, 12.3 million metric tons of PMS have been imported,” he said.

The Navy Chief added that it arrested 174 vessels for various offences from January 2017 to July 2022 as seizures are handed over to either the Economic and Financial Crimes Commission (EFCC) or the Nigerian Security and Civil Defence Corps ( NSCDC), depending on the nature of the seizures.

News continues after this ad


What you should know

  • The costs of fuel subsidy in Nigeria increased by 890% over a five year period (2017-2021) in Nigeria even though fuel prices have only increased by 12.1%, according to a SBM Intelligence  report titled “Growing fuel prices and transport costs: Which way Nigeria.”
  • The report stated that between 2017 and 2018, the cost of fuel subsidy had increased by a whopping 405% yet fuel price remained constant all through.
  • Nairametrics reported earlier this year that Former Senate President, Bukola Saraki challenged the Federal Government’s plans to spend on petrol subsidy based on 70 million litres a day consumption, stating that Nigeria’s fuel consumption cannot be more than 35 million litres a day, and hinted that Nigeria could be subsidizing fuel for neighbouring West African states.

Related

Tags: FeaturedFuel Subsidyoil importationPMSVice Admiral Anwal Gambo

Leave a Reply Cancel reply

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

inq
avatrade
Stanbic bank
Mega Millions
UBN
Hot forex
Access Bank
Bankers Committee
First bank






    Business News | Stock Market | Money Market | Cryptos | Financial Literacy | SME |

    Recent News

    • A peep into Pension Funds Administrators’ portfolio (Year-to-date)
    • Wike denies taking Atiku, Tambuwal to court
    • Why Naira is heading towards N700/$ again

    Follow us on social media:

    Recent News

    Nigerian Pension Fund Index post double digit gains for 2021, beat inflation

    A peep into Pension Funds Administrators’ portfolio (Year-to-date)

    August 12, 2022
    Rivers State seizes oil production site owned by Shell over oil spills

    Wike denies taking Atiku, Tambuwal to court

    August 12, 2022
    • ABOUT US
    • CONTACT US
    • PRODUCTS
    • ANDROID APP
    • iOS APP
    • DISCLAIMER
    • CAREERS
    • PRIVACY POLICY

    © 2022 Nairametrics

    No Result
    View All Result
    • Home
    • Exclusives
      • Financial Analysis
      • Corporate Stories
      • Interviews
      • Investigations
      • Metrics
    • Markets
      • Cryptos
      • Commodities
      • Equities
        • Dividends
        • Stock Market
      • Fixed Income
      • Market Views
      • Securities
    • Industries
      • Company News
      • Consumer Goods
      • Content Partners
      • Corporate deals
      • Corporate Press Releases
      • Energy
      • Entertainment
      • Financial Services
      • Hospitality & Travel
      • Manufacturing
      • Real Estate and Construction
      • Tech News
    • Economy
      • Get Data
      • Macro-Economic News
      • Research Analysis
    • Business News
    • Financial Literacy
      • Career tips
      • Personal Finance
    • Lifestyle
      • Billionaire Watch
      • Profiles
    • Opinions
      • Blurb
      • Op-Eds

    © 2022 Nairametrics

    Social Media Auto Publish Powered By : XYZScripts.com