Nigeria Imported Petroleum Products Worth N2.58tn in 2016 -NBS

• Nigeria Imported Petroleum Products Worth N2.58tn in 2016

The total value of imported petroleum products for 2016 stood at N2.58 trillion, the National Bureau of Statistics (NBS) stated yesterday.

A breakdown showed 18.8 billion litres of premium motor spirits (PMS), 4.89 billion litres of automotive gas oil

(AGO) and 713.79 million litres of household kerosene (HHK), valued at N2.01 trillion, N505.8 billion and N70.7 billion respectively, were imported into the country last year.

Furthermore, petroleum products importation gulped N790.4 billion in the fourth quarter of the year under review (Q4 2016).

The breakdown for the last quarter indicated 4.83 billion litres of PMS; 1.00 million litres of AGO and 182.9 million litres of HHK valued at N629.6 billion; N136.1 billion and N24.7 billion respectively were imported into the country.

According to the Petroleum Products Imports Statistics for 4th Quarter 2016, which was released by the statistical agency, the month of May 2016 recorded the highest volumes of premium motor spirits (PMS) imported at 2.02 billion litres valued at N249.88 billion.

This coincided with the May 11th, 2016 official announcement by the Federal Government on the deregulation of PMS importation aimed at improving its supply nationwide.

According to the report, State-wide distribution of truck-out volume for Q4 2016 showed that 4.83 billion litres of premium motor spirits

(PMS), 1.00 billion litres of automotive gas oil (AGO) and 182.95 million litres of household kerosene were distributed nationwide during the period under review.

Meanwhile, the average monthly landing cost of petrol in October N132.6 per litre; N121.7 per litre in November and N136.71 per litre in December with 1.43 billion litres; 1.65 billion litres and 1.74 billion litres respectively imported in Q4.