The average daily consumption of petrol in Nigeria dropped to 52 million litres in July 2023, according to the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), Vanguard reported.
According to the report, the Authority said that petrol consumption declined by 16.8% to 52 million litres daily compared to 64.96 million litres recorded in June 2023.
NMDPRA also released a breakdown of petrol stock levels and sufficiency metrics as of various dates in 2023.
The breakdown of petrol stock and dead stock as at the end of July 2023 is as follows:
- The land-based stock of petrol, excluding dead stock, was 1.120 billion litres.
- Marine stock, accounting for berth and offshore availability, amounted to 521 million litres.
- Combining the above figures, the total stock less dead stock reached 1.641 billion litres.
- Depot deadstock stood at 83.637 million litres, contributing to the overall stock.
Taking into account dead stock, the total inclusive stock amounted to 1.725 billion litres with the following days of sufficiency:
- Land-based days sufficiency was calculated at 21.55 days.
- Marine days sufficiency, considering berths and offshore areas, was determined to be 10.02 days.
- The combined total days sufficiency was measured at 31.57 days.
On July 1, 2023:
- The land-based stock of petrol was reported as 1.059 billion litres.
- Marine stock, including berth and offshore availability stood at 826.447 million litres.
- Total stock, less dead stock was 1.885 billion litres.
- Depot deadstock was reported as 83.095 million litres.
Incorporating dead stock, the total inclusive stock reached 1.968 billion litres. This had a land-based sufficiency of 16.31 days, while marine days sufficiency stood at 12.72 days. The combined total days sufficiency was 29.03 days.
Distribution of petrol stock among key stakeholders:
The Depot and Petroleum Products Marketers Association of Nigeria (DAPPMAN) held the highest share at 753.825 million litres. It was followed by the Nigerian National Petroleum Corporation Limited (NNPCL) held a stock of 293.380 million litres. While members of the Major Oil Marketers Association of Nigeria (MOMAN) collectively possessed 91.202 million litres.
According to the NMDPRA, the national inland PMS stock amounted to 1.203 billion litres as of July 31, 2023 held as follows:
- NNPCL held 377.68 million litres,
- MOMAN had 60.973 million litres,
- DAPPMAN’s share was 765.16 million litres.
Ifunanya Ikueze is an Engineer, Safety Professional, Writer, Investor, Entrepreneur and Educator.