Petrol Supply Drops to 1.02 Billion Litres in July

The total volume of petrol supplied in the month of July declined by 23.88 per cent from 1.34 billion litres in June to 1.02 billion litres in July, the Nigerian National Petroleum Corporation (NNPC) has said.

The NNPC said 32.95 million litres were supplied per day during the month of July, below 44.62 million litres distributed across the country per day in June.

Data from the corporation also showed that 0.95 billion litres or 30.67 million litres per day were supplied in May and 0.94 billion litres or 31.37 million litres per day were supplied in April.

In March and February, NNPC said the total volume of petrol supplied stood at 1.73 billion or 59.72 million litres per day, up from 1.20 billion litres or 38.68 million litres per day in January.

“The corporation has continued to diligently monitor the daily stock of Premium Motor Spirit to achieve smooth distribution of petroleum products and zero fuel queue across the nation,” the NNPC said in its latest financial report for the month.

In a recent report by Agusto & Co, COVID-19 restrictions and drop in economic productivity in recent months plunged consumption of petroleum products across the country.

The report said, “Agusto & Co. expects the consumption of petroleum products, particularly PMS and Aviation Turbine Kerosene, to decline to 27.2 billion litres in 2020 given the severely restricted travel and transportation activities during the second and third quarters of the year.

“This is expected to translate to a decline in revenue to N4.3tn in 2020.”