Nigeria imported 20.3 billion litres of petrol in 2023, recording a 13.7 per cent reduction compared to the 23.54 billion litres brought in the previous year, latest data from the National Bureau of Statistics (NBS) has shown.
Also, during the year under review, truck-out of petrol stood at 20.22 billion litres, a decrease of 16.96 per cent when compared to the figures for 2022.
When he assumed office in May 2023, President Bola Tinubu announced the removal of subsidy on petrol, thereby triggering a reduction in overall national consumption and a slump in the quantity of fuel smuggled out of the country.
The price of the product has since then risen from around N195 to N950 per litre in parts of the country and even more in other parts.
According to the NBS document, Nigeria recorded a growth rate of 6.7 per cent in terms of local production of diesel, to 109.39 million in 2023 compared to a previousfigure of 102.47 million litres in 2022.
“In 2023, Premium Motor Spirit (PMS) or petrol truck out stood at 20.22 billion litres, indicating a 16.96 per cent decrease relative to 24.35 billion litres recorded in 2022.
“About 69.71 million litres of Household Kerosene (HHK) were locally produced in 2023 compared to 44.68 million litres in 2022, indicating a growth rate of 56.02 per cent over the period.
“For Automotive Gas Oil (AGO), 109.39 million litres were locally produced in 2023, higher, compared to 102.47 million litres reported in 2022. This represents a 6.76 per cent growth rate.
“In terms of imported products, 20.30 billion litres of PMS were imported in 2023 relative to 23.54 billion litres in 2022, showing a decrease of 13.77 per cent,” the data showed.
Also, the report noted that 4.94 billion litres of Automotive Gas Oil (AGO) or diesel were imported in 2023, indicating an increase of 23.66 per cent compared to 4.00 billion litres in the previous year.
Meanwhile, the meeting of top Organisation of Petroleum Exporting Countries (OPEC) ministers yesterday kept oil output policy unchanged including a plan to start raising output from December, while also emphasising the need for some members to make further cuts to compensate for overproduction.
Several ministers from the OPEC and allies led by Russia, or OPEC+ as the group is known, held an online joint ministerial monitoring committee meeting (JMMC) on Wednesday.
“The JMMC emphasised the critical importance of achieving full conformity and compensation,” OPEC said in a statement after the meeting. “Furthermore, the Committee will continuously assess market conditions,” the OPEC group said.
Oil prices dropped below $70 a barrel in September for the first time since 2021, but have since rallied above $75 on concerns a possible escalation in the Middle East following Iran’s military attack on Israel could disrupt output from the region, Reuters reported.
OPEC+ is cutting output by a total of 5.86 million barrels per day (bpd), or about 5.7 per cent of global demand, in a series of steps agreed since late 2022.
The group plans a 180,000 bpd increase in December as part of a gradual unwinding of its most recent layer of voluntary cuts extending into 2025. The hike was delayed from October after prices slid.
Countries’ compliance was in focus at the meeting, sources who attended said and is expected to remain so in coming weeks, particularly that of Iraq and Kazakhstan.
Those nations have promised what are known as compensation cuts of 123,000 bpd in September and more in later months to make up for their previous over-production.
Iraq, Kazakhstan and Russia told the meeting that they had delivered on their promised cuts in September, the OPEC statement said.
But this will have to be verified by the second week of October by secondary sources – the consultancies and price reporting agencies that the group uses for determining its members’ output levels, the statement added.
The OPEC statement said: The Joint Ministerial Monitoring Committee (JMMC) reviewed the crude oil production data for the months of July and August 2024 and current market conditions.
“During the meeting, the Republic of Iraq, the Republic of Kazakhstan, and the Russian Federation confirmed that they had achieved full conformity and compensation according to the schedules submitted for September. The three countries reiterated their strong commitment to maintaining full conformity and compensation throughout the remaining period of the agreement.
“The final assessments of September crude oil production levels will be based on the approved secondary sources providing data on production of countries participating in Declaration of Cooperation (DoC), which will be available by the second week of October 2024.
“The JMMC emphasised the critical importance of achieving full conformity and compensation. It will continue to monitor adherence to the production adjustments agreed upon at the 37th OPEC and non-OPEC Ministerial Meeting (ONOMM) held on 2 June 2024.
“ The Committee will also continue to monitor the additional voluntary production adjustments announced by some participating OPEC and non-OPEC countries as agreed upon in the 52nd JMMC held on 1 February 2024.
“The JMMC retains the authority to convene additional meetings or to request an OPEC and non-OPEC Ministerial Meeting, as established during the 37th ONOMM held on the 2 June 2024. The next meeting of the JMMC (57th) is scheduled for 01 December 2024,” it said.