The National Bureau of Statistics (NBS) has disclosed that Nigeria imported 11.94 billion litres of Premium Motor Spirit (PMS), commonly known as petrol, during the first half of 2023.
The Petroleum Products Distribution Statistics for Half Year 2023, released on Wednesday, outlined a 3.29% increase compared to the 11.56 billion litres recorded in the same period of 2022.
Additionally, the report highlighted that 2.83 billion litres of Automotive Gas Oil (AGO), also known as diesel, were imported during the first half of 2023, marking a substantial 49.72% surge compared to the 1.89 billion litres in the corresponding period of 2022.
What the NBS report said
- “In the first half of 2023, PMS truck out stood at 11.48 billion litres, indicating a 5.83% decrease when compared to 12.19 billion litres recorded in the first half of 2022.
- “ In the first half of 2023, 26.07 million litres of Household Kerosene (HHK) were locally produced compared to 22.33 million litres in the first half of 2022, indicating a growth rate of 16.79% over the period.
- “For Automotive Gas Oil (AGO), 55.48 million litres were locally produced in the first half of 2023, higher, relative to 50.19 million litres reported in the corresponding period of 2022. This shows a growth rate of 10.54% in the first half of 2023.
- “In terms of imported products, 11.94 billion litres of Premium Motor Spirit (PMS) were imported in the first half of 2023 relative to 11.56 billion litres in the corresponding period of 2022, showing an increase of 3.29%.
- “Also, 2.83 billion litres of Automotive Gas Oil were imported in the first half of 2023, indicating an increase of 49.72% compared to 1.89 billion litres in the same period of 2022”
What you should know
As of 2023, Nairametrics reported that the Nigerian government had declared its intention to cease fuel importation by 2024, attributing this decision to the commencement of operations at the 650,000 barrel-per-day (bpd) Dangote and Port Harcourt Refinery.
This information was revealed by the Minister of State for Petroleum Resources, Timipre, during the “PMB Administration Scorecard Series (2015-2023),” organized by the Ministry of Information and Culture and reported by the News Agency of Nigeria. This occurred under the administration of former President Muhammadu Buhari.
Impact of Dangote Refinery: Sylva disclosed that the Dangote Refinery is set to become the world’s largest single-train refinery, boasting an investment of over $25 billion and expected to be operational before the end of 2023. This is in addition to several modular refinery projects underway in the country.
However, a Bloomberg report indicated that the Dangote Refinery is gearing up to import crude from the US in the coming months, highlighting the increasing competitiveness of American barrels in the global market.
Traders familiar with the matter disclosed that Trafigura Group has sold 2 million barrels of WTI Midland to the Dangote Refinery for delivery by the end of February.
This marks the first instance of the refinery purchasing non-Nigerian crude.
