Nigeria’s daily petrol consumption has dropped by 16.8 percent to 52 million litres daily in July compared to 64.96 million litres that was recorded in June 30, 2023.
The Authority estimates that as of the end of July 2023, there were 1.120 billion liters of land-based stock and closure stock less dead stock of petrol.
A data obtained from the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), shows that marine stock which included berth and offshore availability was 521 million litres.
The country’s average daily consumption of Premium Motor Spirit (PMS), popularly called petrol dropped following the removal of the fuel subsidy.
Since President Bola Tinubu announced the removal of fuel subsidy which has led to price increments from N400 to N700 per litre of fuel nationwide, report shows that the consumption has drastically dropped in just one month.
NMDPRA stated that the total stock less dead stock was 1.641 billion litres however depot deadstock was 83.637 million litres.
The agency added that the total stock inclusive of dead stock was 1.725 billion litres.The land-based days sufficiency was 21.55 days while marine days sufficiency was put at 10.02 days and total days sufficiency cumulatively stood at 31.57 days.