The amount spent on the importation of petroleum products into Nigeria rose to N700.46bn in the third quarter of this year, moving closer to the pre-COVID-19 level, the latest data from the National Bureau of Statistics have shown.

The amount is more than three times the N221.47bn spent on fuel imports in the previous quarter, but 44.08 per cent lower than the N1.25tn incurred in the first three months of the year.

Fuel consumption and imports plunged to record low in Q2 amid the lockdown imposed by the Federal Government to contain the spread of COVID-19 pandemic in the country.

Data obtained from the Nigerian National Petroleum Corporation showed that the volume of petrol imported into the country through the Direct Sale Direct Purchase scheme fell from a high of 2.25 billion litres in March to 1.81 billion litres in April and 495.10 million litres in May.

Under the DSDP scheme, selected overseas refiners, trading companies and indigenous companies are allocated crude supplies in exchange for the delivery of an equal value of petrol and other refined products to the NNPC.

The country’s refineries have remained in a state of disrepair for many years despite several reported repairs.

The NNPC has been the major importer of petroleum products into the country in recent years.

In a related development, oil prices dropped on Monday as tougher lockdowns from New York to London worsened the picture for fuel consumption before a vaccine is widely available.

The international oil benchmark, Brent, fell below the $50 per barrel mark to $49.93 per barrel as of 7:10 pm Nigerian time on Monday.

London is increasing pandemic restrictions this week amid warnings of a new variant of the disease, while New York City’s mayor said residents should be prepared for a full lockdown, according to Bloomberg.

Meanwhile, the Organisation of the Petroleum Exporting Countries reduced projections for global fuel consumption in the first quarter of 2021 by one million barrels per day.

Oil had rallied earlier on Monday following an explosion at the Saudi port of Jeddah. Saudi Arabia said a terrorist attack was behind the incident, but that it didn’t affect fuel supplies.

https://m.punchng.com/Business/Fuel-imports-gulped-N700.46bn-in-three-months–NBS

Scam government

It's well with us!

How many Nigerians own a car. Just count from ur neighbour hood. Even those that ride cars don't do that everyday

Check very well you see that 45% of that money they called there are looted while 25% are actually paid for fuel not used by Nigerians but emptied cargo, fuel taken/diverted to other countries while 30% are the actual money spent

If they could use 45 billion to buy ordinary biro then they can do anything

N700Billion in just 3 months. How much cash in total is China buying the country from Buhari?

Me I'v been working really hard so I can leave this country as soon as possible. I want to make sure my unborn children don't go through the same shit i did.

We have crude oil but we are importing petrol, kerosene and diesel, Nigeria politics is disaster

this guys will just be quoting figures.......like kilode

Okay o

When atiku said he will privatise oils sector, una b wan eat him raw, now a country that has oil in exccess, now imports fuel..

This TRUTH will never be known.

coming from an oil producing nation... This government is a total sham!

God pls save Nigeria.
I need a Job pls

Including the ones looted by Buhari and Tinubu

This government should just hand over to Experts. They know nothing about governance. It is about time we start practicing delegated legislation.

My joy is that those that voted in this disaster is suffering the same calamities bestowed upon us

Owo wa leko

Na wa oooh

adenigga:

https://m.punchng.com/Business/Fuel-imports-gulped-N700.46bn-in-three-months–NBS

you won't see all those cow brain Fulani and paid NL agents on this thread.

Clueless Leadership is our main reason for not getting the devidends of Democracy!!!

Proactivity Leads To PRODUCTIVITY!!!

© Seniorwriter

It's expected. Majority of economic activities are almost fully operational, save where government intervention and brute behavior of government workers making business operations hard for people especially MSE, like PYO admonished that they be called out. But on the other hand we need alternate asource of power supply for businesses with cost of maintenance of power supply on the high.


Meanwhile with just 3k, I will design a premium 3D logo with hyper realistic concepts.

donPhill:
coming from an oil producing nation... This government is a total sham!

God pls save Nigeria.
I need a Job pls

Post your skills

Proactivity Leads To Productivity

© Seniorwriter

The president should sack the minister of petroleum immediately. His performance has been nothing to write home about.

The president should also query the minister of petroleum for the glaring corruption happening under his nose.

It seems a lot of people have missed the point of this post.

Giant of Africa, the irony is so appalling.


My Megatron 50,000mah powerbanks are very much affordable and can charge 4 devices simultaneously. Check sig

Hahahahaah


Let the North continue, they are not ready for a real country yet

They lack vision and foresight

They think looting is endless with no repercussions

Tomorrow when that mad man Nnamdi scamnu calls for Nigeria to break we will all be abusing him

What sort of rubbish looting is this

Tomorrow they will be telling us APC is better than PDP

Fools

Farki:
The president should sack the minister of petroleum immediately. His performance has been nothing to write home about.

The president should also query the minister of petroleum for the glaring corruption happening under his nose.

And you forgot that the president doubles as the minister of petroleum.

Nigeria is going 600 years backward in every 5 seconds.

Silly old men running this country to the fifties......