NMDPRA says daily petrol consumption reduce by 35% after subsidy removal

An attendant sell fuel to a motorist at filling stations along Lagos Ibadan expressway, on March 3, 2022. – Petroleum-producing nations are reaping extra revenue since Ukraine’s crisis pushed global oil prices above $100 a barrel, but Nigeria, Africa’s biggest crude producer, is struggling with fuel acarcities that are causing traffic snarks in Lagos and other cities. (Photo by PIUS UTOMI EKPEI / AFP)

The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has said petrol consumption fell to 46.38 million litres per day in June, following the removal of subsidy.

Chief Executive Officer, NMDPRA, Farouk Ahmed, said this during a stakeholders’ meeting with oil and gas downstream operators on Monday in Lagos.

“The current daily consumption has drastically reduced as against 65 million litres which had been the daily consumption before subsidy removal,” Ahmed said.

“In January, it was 62 million litres per day; February, 62 million litres per day; March, 71.4 million litres per day; April, 67.7 million litres per day; May 66.6 million litres per day; June, 49. 5 million litres per day; and July, 46.3 million litres per day.”

Ahmed said while over 56 companies applied for import licences, only 10 made a commitment to bring in the product.

He said three marketers — Emadeb Energy, A.Y Shafa and Prudent Energy — have imported petrol into the country.

He added that other companies, including 11 Plc, have indicated interest in importing petrol in August and September.

Also, Ahmed said the authority is working with the Federal Competition and Consumer Protection Commission (FCCPC) to stop marketers from taking advantage of consumers.