Report: Daily Fuel Consumption Dropped By 12m Litres in July

Data obtained from the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has shown a drop in the average daily consumption of Premium Motor Spirit (PMS) popularly called fuel in the country, to 52 million litres in July as against the national consumption figure of 64,964,000 recorded in June 2023. The data further revealed that the land-based stock and closing stock less dead stock of petrol was 1,120,487,848 litres as at the end of July 2023. Also, the marine stock which included berth and offshore availability was 521,035,645 litres. Although the total stock less dead stock was 1,641,523,493 litres, the depot dead stock was, however, 83,637,781 litres.

Total stock inclusive of dead stock was 1,725,161,274 litres. In addition, the landbased 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. The total stockless dead stock was put at 1,641,523,493 litres. Depot dead stock was 83,637,781 litres and total stock inclusive of dead stock stood at 1,725,161,274 litres. Conversely, on July 1, land-based stock of PMS was 1,059,330,321 litres while marine stock at berth and offshore stood at 826,447,740 litres. 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 at 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 1, the national PMS stock levels, the Nigerian National Petroleum Corporation Limited (NNPCL) 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 had 753,825,183) litres. On how many days sufficiency, the NMDPRA data showed that 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. Also, by the July 31, out of the one billion two hundred and three million forty-six thousand and ninety-one litres national inland PMS stock, the NNPCL had three hundred and seventyseven million sixty-eight thousand seven hundred and seventy two litres in its stock.