The consumption of premium motor spirit (PMS), popularly called fuel, in Nigeria, has risen from 72.07 million litres a day in December 2021 to 74 million litres per day as at the week ended April 3, 2022.
This is according to the weekly National PMS Evacuation Report for the 21st of March to 3rd of April 2022, released by the Nigerian National Petroleum Company (NNPC).
According to the report, 36 states along with the Federal Capital Territory, FCT, received a total of 1.03 billion litres of petrol in 14 days.
The report said the average retail price of petrol increased to N185.30 in March 2022 indicating a 7.31% Year-on-Year (YoY) increase when compared to the value recorded in March 2021 (N172.68).
It also said the average national daily evacuation for the period stood at 73.5 million litres.
A further breakdown of the report indicates that Lagos and Kano states topped the list of high demand states, with 170.4 litres and 83.612 litres respectively, while Yobe (4.2 million), Bauchi (2.4 million) and Jigawa (1.32 million) stay at the bottom as low demand states.
According to the report, the percentage of petrol loaded for different destinations across the 36 states and the FCT, include 13 high demand states with 69 per cent volume, 12 medium demand states with 25 percent volume and 12 low demand states with 6 percent volume.
Meanwhile, Mr Timipre Sylva, Nigeria’s Minister of State for Petroleum Resources, has urged European investors to further increase investments in the nation’s downstream sector.
Sylva made this known during a visit of the delegation from Belgium led by its Ambassador to Nigeria, Mr. Daniel Dargent.
He said: “Investors should explore the opportunities in the nation’s downstream sector, especially in the areas of gas plants and pipelines to support the promotion of the Federal Government’s plan to introduce Auto-gas.”