Nigeria’s petrol imports fell by 12.6%, reaching 20.29 billion litres, down from 23.24 billion litres the previous year.
Meanwhile, diesel imports rose.
At the same time, local production of both diesel and household kerosene increased, showing a shift toward domestic fuel sources.
In 2023, Nigeria witnessed a significant change in its fuel import landscape.
The volume of Premium Motor Spirit (PMS), commonly known as petrol, dropped by 12.6% year-on-year.
It fell to 20.29 billion litres from 23.24 billion litres in 2022.
This decline was highlighted in the recent report of the National Bureau of Statistics (NBS) on Petroleum Products Distribution.
The figures revealed another concerning trend.
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PMS truck deliveries also decreased by 16.9%, going from 24.35 billion litres in 2022 to 20.22 billion litres in 2023.
As petrol imports dwindled, the market saw a rise in the demand for diesel.
Automotive Gas Oil (AGO) imports surged to 4.94 billion litres this year, up from 3.99 billion litres in the previous year.
Local production is also playing a crucial role in this shifting landscape.
In 2023, Nigeria produced 109.39 million litres of AGO, a 6.76% increase from 102.47 million litres in 2022.
Similarly, local production of Household Kerosene (HHK) grew impressively by 56%.
It reached 69.7 million litres in 2023 compared to just 44.68 million litres in 2022.
However, the data also indicated that local petrol production had ceased since 2018, when it peaked at 128.08 million litres.
The NBS report pointed out the stark contrast between imported and locally produced fuel.
It showed that while petrol imports were declining, the country was increasingly relying on domestic production.
This trend is particularly evident for diesel and kerosene.
As the dynamics of Nigeria’s fuel market evolve, these statistics reflect the country’s ongoing challenges and adaptations in meeting its energy needs.
