Lagos, Oct. 24, 2023 – Domestic consumption of petrol in Nigeria has dropped to 44.3 million litres per day after the removal of petrol subsidy from the old level of 66.7 million litres per day.
Farouk Ahmed, the Chief Executive of Nigeria Midstream and Downstream Petroleum Regulatory Authority (MMDPRA) disclosed this in Lagos.
He said this was a significant drop by 33.58 per cent, adding that efforts were being made to liberalise petrol importation.
Ahmed said lack of foreign exchange had constrained ability of independent marketers to import petrol.
He said only eight out of the 94 licenced oil marketers that were issued permits to import had delivered eight cargoes of petrol totaling 251,000 MT (291,238,670.69 litres) between June and September 2023.
Ahmed said that necessary actions were being taken by the government to improve the stability of the foreign exchange market to support importation of petrol by more independent marketers. (GBN)
