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Petrol Import In Nigeria Drops By 3.58 Billion Litres After ‘Subsidy Removal’ - Politics - Nairaland

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Petrol Imports Dropped By 3.58 Billion Litres After Subsidy Removal – FG / Monthly Fuel Consumption Drops By 18.5million Litres After Deregulation – FG / Fuel Scarcity: We Have 2 Billion Litres Available – NNPC (2) (3) (4)

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Petrol Import In Nigeria Drops By 3.58 Billion Litres After ‘Subsidy Removal’ by malali: 3:54pm On Oct 01
Nigeria has recorded a reduction in petrol importation following the ‘removal of fuel subsidy’ by President Bola Tinubu in May 2023.

According to the latest petroleum products distribution statistics report of the National Bureau of Statistics (NBS), petrol imports dropped by 3.58 billion litres in the second half of 2023 compared to the first half of the year.


The country imported 8.36 billion litres of Premium Motor Spirit (PMS) in H2 2023, a significant decrease from the 11.94 billion litres imported in H1 2023, marking a 29.99% reduction.

This downward trend is even more notable when compared to H2 2022. In the latter half of 2022, petrol imports stood at 11.98 billion litres, resulting in a 30.22% drop when compared to H2 2023, which is equivalent to a reduction of 3.62 billion litres.
Also, for the entire year of 2023, Nigeria imported 20.30 billion litres of Premium Motor Spirit (PMS), which is a decrease from the 23.54 billion litres imported in 2022. This reflects a reduction of approximately 13.77% year-on-year.
These figures highlight the profound impact of the subsidy removal on the volume of petrol imported into the country.

The announcement of the fuel subsidy removal was made on May 29, 2023, during President Tinubu’s inauguration speech. Shortly after, fuel prices soared across Nigeria, with some stations selling PMS at prices as high as N700 per litre .

What you should know
According to the 2023 full-year foreign trade data, Nigeria’s fuel import costs decreased by approximately 2.6%, from N7.7 trillion in 2022 to N7.5 trillion in 2023. In terms of semi-annual comparison, the country incurred N3.5 trillion in fuel importation costs in the second half of 2023, representing a 10.26% decrease compared to the N3.9 trillion recorded in the first half of the year.

Also, in the first six months of 2024, the country’s petrol import bill stood at N5.8 trillion. When compared to the same period of 2023, the country’s petrol import bill increased by 87.09% from N3.1 trillion. The significant increase in petrol imports can be attributed to high crude oil prices coupled with a weakened naira.

The Minister of Information, Idris Mohammed, earlier said that Nigeria’s domestic consumption dropped from 2 billion of petrol by 50% following the removal of fuel subsidy. Mohammed said that the decline in importation suggests that these imports are being redirected to destinations other than Nigeria.

The removal of the subsidy has not been without controversy. While the government insists that the move was essential to free up resources for critical sectors like healthcare, education, and infrastructure, economists argue that the removal disproportionately affects lower-income Nigerians. Many have expressed concerns about the sudden rise in living costs, exacerbated by higher fuel prices .

Also, there has been an ongoing debate over whether the subsidy was truly eliminated, as reports have surfaced suggesting that the Nigerian National Petroleum Company (NNPC) may still be incurring some costs related to fuel imports .

The controversy deepened when it was revealed that the NNPC had turned to the federal government for financial assistance to cover fuel import costs, even after the subsidy removal. This has raised questions about the transparency of the government’s subsidy policy and whether the removal is being fully implemented.
https://nairametrics.com/2024/10/01/petrol-import-in-nigeria-drops-by-3-58-billion-litres-after-subsidy-removal/

7 Likes 2 Shares

Re: Petrol Import In Nigeria Drops By 3.58 Billion Litres After ‘Subsidy Removal’ by Biodun556(m): 4:05pm On Oct 01
Refineries in Europe and Malta should start bottle water business

22 Likes 1 Share

Re: Petrol Import In Nigeria Drops By 3.58 Billion Litres After ‘Subsidy Removal’ by Afonjudas: 4:15pm On Oct 01
And the burden of the removed subsidy was channeled to the masses via a 700% fuel price increase while Tinubu purchased luxury private jets with the saved trillions.

21 Likes 1 Share

Re: Petrol Import In Nigeria Drops By 3.58 Billion Litres After ‘Subsidy Removal’ by CyrusVI(m): 4:18pm On Oct 01
cheesy

Just wow
Thought Naysayers said the Govt still pays 1trillion for subsidy, how come this stats and effects say otherwise

We should export more next year, while the import keeps dropping.

The Nigeria of our dream is almost here

9 Likes 1 Share

Re: Petrol Import In Nigeria Drops By 3.58 Billion Litres After ‘Subsidy Removal’ by LordIsaac(m): 4:20pm On Oct 01
Reform grin

1 Like

Re: Petrol Import In Nigeria Drops By 3.58 Billion Litres After ‘Subsidy Removal’ by budaatum: 4:53pm On Oct 01
Biodun556:
Refineries in Europe and Malta should start bottle water business

Not only Europe and Malta.

https://oilprice.com/Energy/Energy-General/Over-20-of-the-Worlds-Oil-Refining-Capacity-Is-at-Risk-of-Closure.html

4 Likes

Re: Petrol Import In Nigeria Drops By 3.58 Billion Litres After ‘Subsidy Removal’ by femi4: 6:24pm On Oct 01

1 Like

Re: Petrol Import In Nigeria Drops By 3.58 Billion Litres After ‘Subsidy Removal’ by Cryola: 6:25pm On Oct 01

2 Likes

Re: Petrol Import In Nigeria Drops By 3.58 Billion Litres After ‘Subsidy Removal’ by MichaelSokoto(m): 6:25pm On Oct 01
nobody dey drive motor again naa!
Thanks to tinubulation!

Baba wave balablu magic wand of destruction, evil take over!

u wan try?
Everywhere quiet & dull. angry

but once once, men dey troway tinz 4 air to liven area up!
cool

9 Likes

Re: Petrol Import In Nigeria Drops By 3.58 Billion Litres After ‘Subsidy Removal’ by oluwaseyi0: 6:25pm On Oct 01
Probably because so many businesses have folded up, so many private cars owner have dropped their car key and sufferings have probably tripled

11 Likes

Re: Petrol Import In Nigeria Drops By 3.58 Billion Litres After ‘Subsidy Removal’ by Brendaniel: 6:26pm On Oct 01
It is well
Re: Petrol Import In Nigeria Drops By 3.58 Billion Litres After ‘Subsidy Removal’ by Kobojunkie: 6:26pm On Oct 01
malali:
Nigeria has recorded a reduction in petrol importation following the ‘removal of fuel subsidy’ by President Bola Tinubu in May 2023.
According to the latest petroleum products distribution statistics report of the National Bureau of Statistics (NBS), petrol imports dropped by 3.58 billion litres in the second half of 2023 compared to the first half of the year.
The country imported 8.36 billion litres of Premium Motor Spirit (PMS) in H2 2023, a significant decrease from the 11.94 billion litres imported in H1 2023, marking a 29.99% reduction.
This downward trend is even more notable when compared to H2 2022. In the latter half of 2022, petrol imports stood at 11.98 billion litres, resulting in a 30.22% drop when compared to H2 2023, which is equivalent to a reduction of 3.62 billion litres.
Also, for the entire year of 2023, Nigeria imported 20.30 billion litres of Premium Motor Spirit (PMS), which is a decrease from the 23.54 billion litres imported in 2022. This reflects a reduction of approximately 13.77% year-on-year.
These figures highlight the profound impact of the subsidy removal on the volume of petrol imported into the country.
Since the subsidy was removed in May 2023 yet here we are in September 2024, and the subsidy has yet to be removed. No be juju be that! 🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣

Since Tinubu took office, the price of PMS has continued to go up — a reversal has not occurred — and the purchasing power of the people has been greatly impacted. 😄

8 Likes

Re: Petrol Import In Nigeria Drops By 3.58 Billion Litres After ‘Subsidy Removal’ by AngelicBeing: 6:26pm On Oct 01
sad
Re: Petrol Import In Nigeria Drops By 3.58 Billion Litres After ‘Subsidy Removal’ by jordyspices: 6:26pm On Oct 01
Turkey
Re: Petrol Import In Nigeria Drops By 3.58 Billion Litres After ‘Subsidy Removal’ by stagger: 6:28pm On Oct 01
Biodun556:
Refineries in Europe and Malta should start bottle water business

They are still in business. All the other figures are fake, inflated, artificially-inflated bloats that were used to collect subsidy on phantom imports.

Even now, who can tell us the EXACT amount of crude oil exported daily since 1958?

5 Likes

Re: Petrol Import In Nigeria Drops By 3.58 Billion Litres After ‘Subsidy Removal’ by ehikwe22: 6:29pm On Oct 01
This could also be a sign of reduced economic activities. Civil servants now go to work once or twice a week. Private sector work 3 or 4 times a week.

The workforce powers the economy. But atinubu government is deliberately killing the workforce.

10 Likes

Re: Petrol Import In Nigeria Drops By 3.58 Billion Litres After ‘Subsidy Removal’ by Almunjid(m): 6:29pm On Oct 01
The news surrounding Nigeria's petroleum industry has become quite perplexing. If Nigeria's fuel import drops by 3.58 billion litres after "Subsidy Removal" as they claimed, how did we manage to meet our domestic needs? Abi na the few drops of fuel from Dangote refinery meet our needs?

1 Like 1 Share

Re: Petrol Import In Nigeria Drops By 3.58 Billion Litres After ‘Subsidy Removal’ by ourcrudeoil: 6:30pm On Oct 01
Imagination
Re: Petrol Import In Nigeria Drops By 3.58 Billion Litres After ‘Subsidy Removal’ by Ofunaofu: 6:30pm On Oct 01
grin
Re: Petrol Import In Nigeria Drops By 3.58 Billion Litres After ‘Subsidy Removal’ by NairaMaster1(m): 6:34pm On Oct 01
No wonder there's scarcity

1 Like

Re: Petrol Import In Nigeria Drops By 3.58 Billion Litres After ‘Subsidy Removal’ by erico2k2(m): 6:35pm On Oct 01
Re: Petrol Import In Nigeria Drops By 3.58 Billion Litres After ‘Subsidy Removal’ by SenecaTheYonger: 6:40pm On Oct 01
And still no fuel scarcity… hmm
Re: Petrol Import In Nigeria Drops By 3.58 Billion Litres After ‘Subsidy Removal’ by ozo13(m): 6:42pm On Oct 01
I have long sold my car since last year .Eno easy to take good care of family and also still take good care of Honda Accord wey dey suck fuel like mad.

1 Like

Re: Petrol Import In Nigeria Drops By 3.58 Billion Litres After ‘Subsidy Removal’ by GigFc(m): 6:47pm On Oct 01
Shows the economy is slowing greatly.

3 Likes

Re: Petrol Import In Nigeria Drops By 3.58 Billion Litres After ‘Subsidy Removal’ by Dannyset(m): 6:51pm On Oct 01
shocked
Re: Petrol Import In Nigeria Drops By 3.58 Billion Litres After ‘Subsidy Removal’ by APOSTLECHUMA: 6:54pm On Oct 01
IRAN FIRED HUNDREDS OF BALLISTIC MISSLES AGAINST ISRAEL, NAIRALAND PLEASE UPDATE US.
Re: Petrol Import In Nigeria Drops By 3.58 Billion Litres After ‘Subsidy Removal’ by Mitsurugi(m): 6:54pm On Oct 01
CyrusVI:
cheesy

Just wow
Thought Naysayers said the Govt still pays 1trillion for subsidy, how come this stats and effects say otherwise

We should export more next year, while the import keeps dropping.

The Nigeria of our dream is almost here

Reason like an intelligent person ogbeni. We are seeing the real consumption

4 Likes

Re: Petrol Import In Nigeria Drops By 3.58 Billion Litres After ‘Subsidy Removal’ by CodeTemplarr: 6:55pm On Oct 01
Around 10m litre a day.
Re: Petrol Import In Nigeria Drops By 3.58 Billion Litres After ‘Subsidy Removal’ by Raxxye(m): 6:57pm On Oct 01
Hmmmm
Re: Petrol Import In Nigeria Drops By 3.58 Billion Litres After ‘Subsidy Removal’ by Meti99(m): 6:59pm On Oct 01
BBb
Re: Petrol Import In Nigeria Drops By 3.58 Billion Litres After ‘Subsidy Removal’ by 1bunne4lif(m): 7:00pm On Oct 01
CyrusVI:
cheesy

Just wow
Thought Naysayers said the Govt still pays 1trillion for subsidy, how come this stats and effects say otherwise

We should export more next year, while the import keeps dropping.

The Nigeria of our dream is almost here
how does it better the lives of the average citizen? Why won't it drop, who has money to buy fuel nowadays

4 Likes

Re: Petrol Import In Nigeria Drops By 3.58 Billion Litres After ‘Subsidy Removal’ by BarrNosaEsq: 7:02pm On Oct 01
ehikwe22:
This could also be a sign of reduced economic activities. Civil servants now go to work once or twice a week. Private sector work 3 or 4 times a week.

The workforce powers the economy. But atinubu government is deliberately killing the workforce.

1 Like

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