Petrol Import Reduced By 1 Billion Litres In Seven Months - Politics

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Petrol Import Reduced By 1 Billion Litres In Seven Months - Politics - Nairaland

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Petrol Import Reduced By 1 Billion Litres In Seven Months by Ibrahimcoomasie: 3:37am On Feb 22

The country’s monthly petrol import was reduced by about 1 billion litres after President Bola Tinubu removed fuel subsidy in June, a report by the National Bureau of Statistics has shown.

The NBS report indicated that the country received fuel importation of 2.09 litres in January 2023, while 1.99 billion litres was imported in February of the same year.

It was 2.29 billion litres in March; 1.91 billion litres in April and 2.01 billion litres in May last year.

Recall that Tinubu removed the subsidy on Premium Motor Spirit on May 29, having a significant effect on the importation of the product the following month.

Our correspondent observed that the quantity of PMS imported in June, the first post-subsidy month, dropped to 1.64 billion litres.

The downward slope got deeper in July when the import was reduced to 1.45 billion litres.

In August, petrol imported into the country was down to 1.09 billion, a reduction of over 1 billion litres year-on-year from the 2.23 billion litres imported in August 2022.

The NBS report showed that Nigeria did not produce a litre of PMS locally in 2021, 2022, and in the first half of 2023.

However, diesel and kerosene were produced locally during that period, due to a lack of functioning oil refineries.

In its key highlights for the Petroleum Products Distribution Statistics Half Year 2023, the NBS said in H12023, PMS truck out stood at 11.48 billion litres, indicating a 5.83 per cent decrease when compared to 12.19 billion litres recorded in the first half of 2022.

Also, 26.07m litres of kerosene were locally produced compared to 22.33m litres in the first half of 2022.

Also, 26.07m litres of kerosene were locally produced compared to 22.33m litres in the first half of 2022.

For Automotive Gas Oil (diesel), 55.48m litres were produced in the first half of 2023, higher relative to 50.19m litres reported in the corresponding period of the previous year.

Though the 11.94 billion litres of PMS imported in H12023 was higher compared to 11.56 billion litres in H12022, the drop in June, July and August testified to the effect of the subsidy removal as the Nigerian National Petroleum Company remains the only importer of fuel at the moment.

https://punchng.com/petrol-import-reduced-by-1billion-litres-in-seven-months-report/?amp

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Re: Petrol Import Reduced By 1 Billion Litres In Seven Months by chopnaira: 3:43am On Feb 22

We are no longer subsidizing petrol for Togo, Benin Republic, Cameroun, Chad, Ghana, Niger Republic, Central Africa Republic, Burkina Faso e.t.c

31 Likes 2 Shares

Re: Petrol Import Reduced By 1 Billion Litres In Seven Months by malali: 3:45am On Feb 22

chopnaira:
We are no longer subsidizing petrol for Togo, Benin Republic, Cameroun, Chad, Ghana, Niger Republic, Central Africa Republic e.t.c

You said that right, We were subsidizing petrol and dollars to the whole of west Africa.

Please keep the borders closed, the prices will come down eventually, purchasing power determines the price of goods in a closed system.

If the government sanitizes the forex upstream and downstream channels, This government would have won the first round. Problem is a lot of Government officials are the main dollar criminals, its not the people earning minimum wage or unemployed. The Dollar criminals are the lawmakers and Elites. Tinubu doesn't have the balls to tackle them yet. Although rumor has it, he is one of them....lol

34 Likes 6 Shares

Re: Petrol Import Reduced By 1 Billion Litres In Seven Months by ednut1(m): 4:01am On Feb 22

chopnaira:
We are no longer subsidizing petrol for Togo, Benin Republic, Cameroun, Chad, Ghana, Niger Republic, Central Africa Republic, Burkina Faso e.t.c

false. Its still being smuggled

https://dailytrust.com/despite-subsidy-removal-petrol-smuggling-persists/

7 Likes 1 Share

Re: Petrol Import Reduced By 1 Billion Litres In Seven Months by ednut1(m): 4:04am On Feb 22

malali:

You said that right, We were subsidizing petrol and dollars to the whole of west Africa.

Please keep the borders closed, the prices will come down eventually, purchasing power determines the price of goods in a closed system.

If the government sanitizes the forex upstream and downstream channels, This government would have won the first round. Problem is a lot of Government officials are the main dollar criminals, its not the people earning minimum wage or unemployed. The Dollar criminals are the lawmakers and Elites.

false. We are currently importing Fuel so therefore purchasing power can’t determine the price. Once dangote starts refining the price he bought crude ( an internationally Priced raw material) will be the starting point for costing computation and refining cost.

3 Likes 3 Shares

Re: Petrol Import Reduced By 1 Billion Litres In Seven Months by malali: 4:22am On Feb 22

ednut1:
false. We are currently importing Fuel so therefore purchasing power can’t determine the price. Once dangote starts refining the price he bought crude ( an internationally Priced raw material) will be the starting point for costing computation and refining cost.

I meant locally produced goods, not imported fuel.
Imported fuel is international commodity market.
However foodstuff and other goods produced in Nigeria 100% will eventually come down in prices.

5 Likes

Re: Petrol Import Reduced By 1 Billion Litres In Seven Months by ednut1(m): 4:49am On Feb 22

malali:

I meant locally produced goods, not imported fuel.
Imported fuel is international commodity market.
However foodstuff and other goods produced in Nigeria 100% will eventually come down in prices.

insecurity has affected foodstuff. For the locally produced goods cost of diesel has gone up and some of the raw materials are imported too. There has to be an all out war on bandits and oil theft.

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Re: Petrol Import Reduced By 1 Billion Litres In Seven Months by matify83: 4:53am On Feb 22

With the removal of fuel subsidy, it was only a matter of time before the once lucrative racketeering of fuel across the borders die a slow but agonizing death.

Also, the closure of some of our northern borders especially the Niger border due to ECOWAS sanctions on the coupist has drastically cut off a major artery for smuggled fuel.

Another master stroke may also have been the change of guard at the helms of the customs, immigration and other relevant bodies. The former heads may have turned a blind eye to smugglers and smuggling activities or were willing participants in the massive sleaze.

It is however not lost in this discuss that Nigerians have drastically cut down on the use of fuel due to the harsh economic climate. Generators are running less or not at all, people are commuting less and far between, disposable incomes are channelled into more gainful ventures than supporting luxury and a host of other factors.

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Re: Petrol Import Reduced By 1 Billion Litres In Seven Months by malali: 4:59am On Feb 22

ednut1:
insecurity has affected foodstuff. For the locally produced goods cost of diesel has gone up and some of the raw materials are imported too. There has to be an all out war on bandits and oil theft.

The people living with the bandits know who they are. Bandits are not ghosts, and they dont live in the bush on trees, village heads, local villagers if recruited will snitch on the bandits. I have lived in rural Nigeria, the people living there know those who spend money without an obvious source of livelihood.

Oil theft is also organized crime, nobody wakes up and decides to go and steal oil that day randomly, DSS should place spies in oil communities and arrest people massively, hire the local youths to protect the pipelines and prosecute the strong headed ones.

There are a lot of country with more pipelines than Nigeria, no oil theft.

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Re: Petrol Import Reduced By 1 Billion Litres In Seven Months by olisaEze(m): 5:04am On Feb 22

Before you give us import quantity, first tell us how much we have saved since it's removal in May last year. All these statistics don't mean anything to us right now, abi ona don finally decide say statistics dey edible?? grin

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Re: Petrol Import Reduced By 1 Billion Litres In Seven Months by Nbote(m): 7:16am On Feb 22

That's because the figures were false in the first place. The supposed consumption and importation figures were all a lie

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Re: Petrol Import Reduced By 1 Billion Litres In Seven Months by AbuTwins: 7:31am On Feb 22

May Allah guide our leaders aright!

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Re: Petrol Import Reduced By 1 Billion Litres In Seven Months by chopnaira: 7:32am On Feb 22

ednut1:
false. Its still being smuggled

https://dailytrust.com/despite-subsidy-removal-petrol-smuggling-persists/

Na waoh. Maybe not as much as before. Still, the Customs and Nigerian Navy needs to buckle up.

2 Likes 1 Share

Re: Petrol Import Reduced By 1 Billion Litres In Seven Months by Atheistan: 7:32am On Feb 22

Since 1year now Fuel no still dey oo..

Re: Petrol Import Reduced By 1 Billion Litres In Seven Months by Seunpapa65: 7:33am On Feb 22

Re: Petrol Import Reduced By 1 Billion Litres In Seven Months by Mindlog: 7:34am On Feb 22

malali:

I meant locally produced goods, not imported fuel.
Imported fuel is international commodity market.
However foodstuff and other goods produced in Nigeria 100% will eventually come down in prices.

The imported fuel cost determines cost of transportation, cost of fuelling generators.....so how would goods locally produced in Nigeria, come down in prices?

1 Like

Re: Petrol Import Reduced By 1 Billion Litres In Seven Months by Mindlog: 7:36am On Feb 22

chopnaira:

Na waoh. Maybe not as much as before. Still, the Customs and Nigerian Navy needs to buckle up.

Customs and Nigerian Navy personnel are getting their own cuts from the smugglers and you are saying they need to buckle up.

2 Likes 1 Share

Re: Petrol Import Reduced By 1 Billion Litres In Seven Months by mrvitalis(m): 7:38am On Feb 22

chopnaira:
We are no longer subsidizing petrol for Togo, Benin Republic, Cameroun, Chad, Ghana, Niger Republic, Central Africa Republic, Burkina Faso e.t.c

Anyone who thinks there is no subsidies right now even since July last year is not smart

You are still subsidizing for those countries even more even

Just that those doing the supply is controlled

1 Like

Re: Petrol Import Reduced By 1 Billion Litres In Seven Months by lexy2014: 7:43am On Feb 22

malali:

You said that right, We were subsidizing petrol and dollars to the whole of west Africa.

Please keep the borders closed, the prices will come down eventually, purchasing power determines the price of goods in a closed system.

If the government sanitizes the forex upstream and downstream channels, This government would have won the first round. Problem is a lot of Government officials are the main dollar criminals, its not the people earning minimum wage or unemployed. The Dollar criminals are the lawmakers and Elites.

why has the price of diesel and kerosene not come down all this while?

how was Nigeria subsidizing petrol and dollars for the whole west africa?

1 Like

Re: Petrol Import Reduced By 1 Billion Litres In Seven Months by lexy2014: 7:44am On Feb 22

chopnaira:
We are no longer subsidizing petrol for Togo, Benin Republic, Cameroun, Chad, Ghana, Niger Republic, Central Africa Republic, Burkina Faso e.t.c

how was Nigeria subsidizing petrol for all these countries and etc?

Re: Petrol Import Reduced By 1 Billion Litres In Seven Months by Ckonnet: 7:44am On Feb 22

Ibrahimcoomasie:

https://punchng.com/petrol-import-reduced-by-1billion-litres-in-seven-months-report/?amp

They use inflate the numbers, that's where the corruption lie and I was expecting fg to tackle that first b4 putting the agbado cart b4 the horse.

Re: Petrol Import Reduced By 1 Billion Litres In Seven Months by emerged01(m): 7:47am On Feb 22

chopnaira:
We are no longer subsidizing petrol for Togo, Benin Republic, Cameroun, Chad, Ghana, Niger Republic, Central Africa Republic, Burkina Faso e.t.c

We are about to start all over again because subsidy is back and our fuel has appeared to be cheaper than the neighbouring countries.

Re: Petrol Import Reduced By 1 Billion Litres In Seven Months by Bobloco: 7:49am On Feb 22

Local consumption reduced significantly since the removal of fuel subsidy

Re: Petrol Import Reduced By 1 Billion Litres In Seven Months by tctrills: 7:49am On Feb 22

chopnaira:
We are no longer subsidizing petrol for Togo, Benin Republic, Cameroun, Chad, Ghana, Niger Republic, Central Africa Republic, Burkina Faso e.t.c

Actually, your petrol is still much cheaper so how can you tell that you are no longer subsidizing for these countries?
On the other hand, it could be that petrol has become too expensive for the average Nigerian to buy and people rather pack their cars.

1 Like

Re: Petrol Import Reduced By 1 Billion Litres In Seven Months by tctrills: 7:51am On Feb 22

malali:

I meant locally produced goods, not imported fuel.
Imported fuel is international commodity market.
However foodstuff and other goods produced in Nigeria 100% will eventually come down in prices.

Oga when has the price of foodstuffs ever come down ? Stop living on false hope.

1 Like

Re: Petrol Import Reduced By 1 Billion Litres In Seven Months by casualobserver: 7:52am On Feb 22

chopnaira:
We are no longer subsidizing petrol for Togo, Benin Republic, Cameroun, Chad, Ghana, Niger Republic, Central Africa Republic, Burkina Faso e.t.c

If we don’t increase pump price to N1200 where it probably belongs, the smuggling of petrol will resume. Smuggling of food across the border because Nigerian food is cheap compared to our neighbors has already started.

1 Like

Re: Petrol Import Reduced By 1 Billion Litres In Seven Months by bewla(m): 7:53am On Feb 22

Re: Petrol Import Reduced By 1 Billion Litres In Seven Months by Yugoslavia247(m): 7:55am On Feb 22

Mugus above me say we no longer subsidize for Togo Benin and co

This people use CFA and we sell fuel in naira

If they buy fuel for 1k per liter they will sell at 1500 in their country and make more profit.

How is that possible?
1 CFA is equals to 2.65 naira

With 300 CFA I will buy 2 litres of fuel from nnpc filling station. I will sell it at 500 CFA which is still profitable.

So we remove subsidies from fuel but gave them advantage via the exchange rate. Na won win for them

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