Nigeria imports 5.26 liters of petrol in Q1, says NBS
Nigeria imported 5.26 billion liters of refined petrol also known as Premium Motor Spirit (PMS) into the country in the first quarter of the year, the National Bureau of Statistics (NBS) said on Thursday.
According to the NBS in its latest data on fuel importation, the bulk of the refined gasoline representing 1.54 billion liters or 28.76 percent was consumed in the South Western part of the country.
The data also showed that 1.66 billion liters of diesel also known as Automotive Gas Oil (AGO) were imported into the country in the period, while 258.27 million litres of Aviation Turbine Kerosene (ATK) was brought into the county in the first three months of the year.
The statistics agency said 28.33 million litres of Low Pour Fuel Oil (LPFO) and 135.14 million litres of Liquefied Petroleum Gas (LPG) were imported into the country in the first quarter of this year.
The NBS however, put total consumption of PMS in the first three months of the year at 5.36 billion liters, a little over the volume imported during the period.
Nigeria, Africa’s top crude producer depends solely on the importations of refined fuel to power the economy in the face of dilapidated refineries and the inability of the government to make them work.
Though Africa’s richest man, Aliko Dangote is currently constructing a 650,000 barrels capacity refinery in Lekki, part of Lagos, the plant is not likely to be ready till the end of 2021.
One of the country’s four refineries, the Kaduna Refining and Petrochemical Company (KRPC) reported a total operating loss of N64.54 billion in its 2018 financial report, whereas the firm record zero revenue in the period.
In spite of huge resources committed to the Turn Around Maintainance (TAM) of the refineries over the years, they have remained comatose and drain on the country’s treasury.
The government had managed to abolish subsidy on domestic fuel consumption in May, catching on the opportunity offered by the sharp decline in global crude oil prices in the wake of the outbreak of Coronavirus pandemic.
Experts in the industry said unless the government push wide-reaching reforms in the sector, the oil industry will continue to drain needed resources from the government treasury.
Nigeria is yet to succeed in passing the major industry legislation, Petroleum Industry Bill (PIB) expected to introduce reforms and reduce government intervention in the sector due largely to corruption and vacillation on the part of major contending interest.