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Nigeria’s Petrol Imports Jump 1.18b Litres



petrol Oil
  • Nigeria’s Petrol Imports Jump 1.18b Litres

Nigeria’s petrol imports rose by 1.18 billion litres within two months, according to the latest report from the Nigerian National Petroleum Corporation (NNPC).

NNPC, the sole importer of petrol since 2017, imported 916.51 million litres of petrol in March.

This number jumped to 1.9 billion litres in April and climbed even further to 2.1 billion litres in May, 2019.

A further look into the report showed the difference between the litres of petrol imported in May 2018 and May 2019 was 991 million litres.

On a yearly basis, the NNPC imported a total volume of 20.4 billion litres.

Some of the officials of the corporation attributed the surge in petrol importation between March and May 2019 to increase in consumption.

“This, of course, would mean more under-recovery for the NNPC, as this corporation is the supplier of last resort and has the task of ensuring that the country is wet with refined petroleum products, especially the PMS,” an official of the corporation said.

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and, with over a decade experience in the global financial markets.