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Nigerians consume 57m litres of petrol daily in March, increase of 24.1%

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Increase in petrol price inevitable –Rewane

The Nigerian National Petroleum Corporation (NNPC) has announced an increase in the country’s daily supply of Premium Motor Spirit, also known as petrol, in March.

This was revealed in the company’s March 2021 Monthly Financial and Operations Report (MFOR), which was released on Sunday.

According to NNPC, Nigerians consumed 1.75 billion litres of petrol in March 2021, and more than 1.41 billion litres consumed in February 2021.

This implies a consumption growth of 24.1 percent or 340 million litres and an average daily consumption of 56.5 liters.

NNPC also revealed that its downstream subsidiary, the Petroleum Products Marketing Company (PPMC), recorded N234.63 billion revenue from the sale of white products in March 2021.

This represents a 24.7 percent increase from the N188.15 billion sales recorded in February 2021.

The total revenues generated from the sales of white products for the period of March 2020 to March 2021 stood at N2.129 trillion, where petrol contributed about 99.2percent of the total sales with a value of N2.113 trillion.

Read also: Petroleum Minister explains why Nigerian govt wants 20% in private refineries

NNPC also revealed it sold 0.45million litres of Automotive Gas Oil (AGO).

For gas, a total of 222.74 billion cubic feet (bcf) of natural gas was produced in March 2021 translating to an average daily production of 7,183.33 million standard cubic feet per day (mmscfd).

This implies that 63.18 per cent of the average daily gas produced was commercialized while the balance of 36.82 per cent was re-injected, used as upstream fuel gas or flared.

The report also recorded that the Corporation recorded 70 vandalised points across its pipeline network in the period under review, representing 29.63 per cent increase from the 54 points recorded in the previous month.

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