The import of Premium Motor Spirit (PMS), commonly known as petrol, into Nigeria dropped by 13.77% in 2023, amounting to 20.30 billion liters, compared to 23.54 billion liters in 2022.
This decline was disclosed by the National Bureau of Statistics in its latest Petroleum Products Distribution Data for 2023.
The reduction in petrol imports follows the introduction of the fuel subsidy removal policy by President Bola Ahmed Tinubu’s government in May 2023.
The report also highlighted a 16.96% drop in petrol distribution, from 24.35 billion liters in 2022 to 20.22 billion liters in 2023.
On the other hand, the data showed a significant 23.66% increase in the import of Automotive Gas Oil (diesel), totaling 4.94 billion liters in 2023.
The fuel subsidy removal saw the price of petrol rise sharply from ₦238 per liter to over ₦600 per liter, contributing to the decreased demand and import of PMS.
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