Nigeria’s average daily consumption of Premium Motor Spirit, known as petrol, has dropped to N52 million litres in July compared to 64 million litres in the previous month, the Nigerian Midstream and Downstream Petroleum Regulatory Authority data showed.
Recent data by NMDPRA obtained by Kemi Filani News during the weekend disclosed that the country’s fuel consumption had dropped amid the product subsidies removal policy.
President Bola Ahmed Tinubu’s administration removed fuel subsidies, which led to the product increment to over N600 per litre nationwide.
In June, when the fuel subsidies removal kick-started, Nigeria’s average daily fuel consumption stood at 64,964,000; however, the figure had reduced to 54 million litres.
The development follows controversies surrounding Nigeria’s daily fuel consumption figure, but the Nigerian Extractives Industries Transparency Initiative has pledged to initiate a study to ascertain accurate data.
NMDPRA said the land-based stock and closing stock less dead stock of petrol was one billion, one hundred and twenty million, four hundred and eighty-seven thousand, eight hundred and forty-eight litres (1,120,487,848) as of the end of July 2023.