Nigeria Imported N2.58tr Worth Of Petroleum Products In 2016 Q4

Nigeria Imported N2.58tr Worth Of Petroleum Products In 2016 Q4

The National Bureau of Statistics (NBS), on Friday released its Petroleum Products Statistics for the fourth quarter of 2016, showing that a total of N790.456 billion was spent importing Premium Motor Spirit (petrol), automotive gas oil (AGO) and household kerosene in Nigeria between October and December last year.

A breakdown of the figure showed that petrol expectedly had the lion’s share of 4.83 billion litres worth N629.6 billion, representing 79.65% of total value of imports.

It was followed by 182.9 million litres of household kerosene (HHK) was imported at the cost of at N136.1 billion; while one million litres of automotive gas oil (AGO) was imported at the cost of N24.7 billion.

This brought total petroleum products import bill for the year to about N2.586 trillion, with petrol alone accounting for 18.812 billion litres worth N2.019 trillion or 77.72% of the year’s total spend, led by the 2.026 billion litres imported for N249.876 billion at N123.33 per litre in May; followed by 1.729 billion litres for N115.67  billion in January at N66.87 average landing cost per litre.

It was followed by 4.89 billion litres of automotive gas oil (AGO), imported at the cost of N505.8 trillion; while 713.79 million litres of household kerosene (HHK), valued at N70.7 billion.

“The month of May 2016 recorded the highest volumes of premium motor spirits (PMS) imported into the country at 2.02bn litres valued at N249.88 billion,” the NBS said in an executive summary to the report pasted on its website.

This, the report explained, “coincides with the May 11th, 2016 official announcement by the Honourable Minister of State for Petroleum Resources, Mr. Emmanuel Ibe kachikwu on the deregulation of PMS importation aimed at improving its supply nationwide.”

Data for the last quarter of 2016 showed that total at an average landing cost of N136.71 per litre, petrol import stood at 136.71.741 billion worth N238.128 billion, the highest for the period.

This was followed by the 1.657 billion litres imported at N121.70 each for N201.689 billion.

In the last quarter of 2017, AGO import was at its peak also in November when 364.507 million litres were imported at the cost of N46.412 billion, an monthly average landing cost of N127.33 per litre; followed by the 361.569 million litres worth N51.639 billion at N142.82 each.

Also in November, household kerosene import was at its peak with 69.319 million litres imported for N8.931 billion at an average of N128.85 landing cost for the month; followed by 67.731 million litres worth N9.176 billion in the month of October at N135.49 litres each.

A further breakdown of the NBS data showed that Lagos was the destination of 23,207 or 18.65% of the total 124,420 trucks of petrol moved across the country; containing 828.236 million or 17.14% of the 4.83 billion litres in 2016; followed by Kano with 8,503 trucks or 385.582 million litres; while 7,654 trucks moved 317.721 million litres of petrol into Niger.