Daily petrol consumption drops to 52m litres

The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has said Nigeria’s average daily consumption of Premium Motor Spirit (PMS), otherwise known as petrol dropped to 52 million litres in July compared to 64.964 million litres recorded at the end of June 2023.

The agency said land-based stock and closing stock less dead stock of petrol was 1.12 billion as of the end of July 2023. It added that marine stock which included berth and offshore availability was 521.04 million litres.

According to the agency, the total stock less dead stock was 1.64 billion litres, while depot dead stock was 83.64 million litres. Total stock inclusive of dead stock was 1.725 billion litres. The land-based days sufficiency was 21.55 days while marine days’ sufficiency was put at 10.02 days and total days sufficiency cumulatively stood at 31.57 days.

For instance, on July 1st, land-based stock of PMS was 1,059,330,321 litres while marine stock at berth and offshore stood at 826,447,740 litres. It added that total stock less dead stock was 1,885,778,061 litres while depot dead stock was 83,095,042 litres. Total stock inclusive of dead stock stood 1,968,873,103 litres; land-based sufficiency was 16.31 days; marine days sufficiency was 12.72 days and total days sufficiency was 29.03 days.

As of July 1st, from the national PMS stock levels, the Nigerian National Petroleum Company Limited (NNPCL) had 293,380,735 litres in stock; members of the Major Oil Marketers Association of Nigeria (MOMAN) had 91,202,643 litres, while Depot and Petroleum Products Marketers Association of Nigeria (DAPPMAN) had 753,825,183 litres.

The NMDPRA data said Nigeria had land-based days sufficiency of 21.55 days as of the end of July while marine days sufficiency was 10.02 days which brings the total days sufficiency to 31.57 days. Besides, by July 31st, out of the 1, 203, 046, 091 litres national inland PMS stock, NNPCL had 377, 068, 772 litres in its stock. MOMAN, it said, had 60, 973, 065 litres while the DAPPMAN had 765, 954 litres.