Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), has said the country’s domestic consumption of petrol has significantly dropped from 66.7 million litres, before the deregulation, to 44.3 million litres per day.
The Chief Executive of NMDPRA, Mr Farouk Ahmed said that the reduction represents about 33.58 per cent daily.
Ahmed made the disclosure in his keynote address at the opening session of the Oil Trading and Logistics (OTL) 2023 Africa Week 2023 on Monday in Lagos.
The NMDPRA boss said eight wholesale petroleum product suppliers out of 94 licensed oil marketers were issued permits to import into the country.
According to him, those licensed delivered eight cargoes of petrol totalling 251,000 MT (291,238,670.69 litres) between June and September.
Ahmed said that the drop in the number of licensed importers was due to the challenge of forex illiquidity which had constrained the oil marketing companies’ ability to import the product.
He expressed optimism that the necessary efforts taken by the government to improve the stability of the harmonised forex market would support the importation of petrol by more oil marketing companies alongside the Nigerian National Petroleum Company Ltd.
“Supply of petroleum products is expected to be further enhanced and secured by the coming onstream of Dangote Refinery and the rehabilitation of NNPCL refineries in the short to medium term.
“The efforts of the Nigerian government towards ensuring that the overall national energy security of the country is administered in a manner that optimises position within the complex global energy dynamics.” He said.
Yusuf Oketola is a trained journalist with over five years of experience in the media industry. He has worked for both print and online medium. He is a thorough-bred professional with an eye of hindsight on issues bothering on social justice, purposeful leadership, and a society where the leaders charge and work for the prosperity of the people.