Petrol Imports Decline By 3.58 Billion Litres In One Year – NBS Reports

The National Bureau of Statistics (NBS) has revealed a significant reduction in the importation of Premium Motor Spirit (PMS), commonly known as petrol, over the past year.

According to the latest petroleum distribution figures released by the agency, petrol imports decreased by 3.58 billion litres between 2022 and 2023.

The report highlights that total petrol imports fell from 23.54 billion litres in 2022 to 20.30 billion litres in 2023, representing a year-on-year decline of 13.77%.

Notably, the second half of 2023 saw a sharp decrease in imports, with 8.36 billion litres imported compared to 11.94 billion litres in the first half, marking a 29.99% reduction.

The NBS statement further clarified, “In 2023, PMS truck out stood at 20.22 billion litres, indicating a 16.96 per cent decrease relative to 24.35 billion litres recorded in 2022.

“In terms of imported products, 20.30 billion litres of Premium Motor Spirit were imported in 2023 relative to 23.54 billion litres in 2022, showing a decrease of 13.77 per cent. 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 per cent drop when compared to H2 2023, equivalent to a reduction of 3.62 billion litres.”

Breaking down the 2023 monthly import figures, January recorded 2.09 billion litres, which decreased to 1.99 billion litres in February, before increasing to 2.29 billion litres in March.

April saw imports drop to 1.91 billion litres, followed by 2.01 billion litres in May. June recorded 1.64 billion litres, July 1.45 billion, August 1.09 billion, September 1.21 billion, October 1.16 billion, November 1.55 billion, and December 1.88 billion litres.

These figures suggest a consistent decline in petrol consumption across the country throughout the year.

Meanwhile, the NBS also noted an increase in the importation of Automotive Gas Oil (AGO), commonly referred to as diesel.

The volume of diesel imports rose from 4 billion litres in 2022 to 4.94 billion litres in 2023.

Additionally, local production of AGO saw a modest rise, with 109.39 million litres produced in 2023, reflecting a 6.76% increase from the 102.47 million litres recorded in 2022.

Household kerosene production also surged, with 69.71 million litres produced in 2023 compared to 44.68 million litres in the previous year, representing a growth of 56.02%.

“About 69.71 million litres of Household Kerosene were locally produced in 2023 compared to 44.68 million litres in 2022, indicating a growth rate of 56.02 per cent over the period.

“For Automotive Gas Oil, 109.39 million litres were locally produced in 2023, when compared to 102.47 million litres reported in 2022. This represents a 6.76 per cent growth rate.

“Also, 4.94 billion litres of Automotive Gas Oil were imported in 2023, indicating an increase of 23.66 per cent compared to four billion litres in the previous year,” It added.