NMDPRA Says Nigeria’s Daily Petroleum Consumption Continues to Drop

Nigerian Midstream and Downstream Regulatory Authority (NMDPRA) says Nigeria’s daily petroleum consumption has continued to drop in the face of the petrol subsidy removal and the sharp rise in the price of the product.

According to the agency, the daily consumption has crashed to 44.3 million liters daily from 66.7 million liters.

The authority Executive Director, Farouk Ahmed announced the figure in Lagos at the oil trading and logistics 2023 Africa week.

He said that eight out of the 94 licensed oil marketers were issued with permit to import petrol in the wake of the subsidy removal.

Ahmed said: “Supply of petroleum products is expected to be further enhanced and secured by the coming on stream of Dangote Refinery and the rehabilitation of NNPCL refineries in the short to medium term.

Read Also:

NNPCL Says It is Not Subsidizing Petrol, Predicts Nigeria Exporting the Product in 2024

“The efforts of the Nigerian government towards ensuring that the overall national energy security of the country is administered in a manner that optimises position within the complex global energy dynamics.

Ahmed said that a critical pillar for pursuing a structured energy transition in Nigeria is the adoption of gas as a transition fuel and the emplacement of strategic gas development frameworks through the Decade of Gas Program (DOGP).

“The DOGP will ensure the accelerated growth of gas processing, storage, transportation, retail, and utilisation in Nigeria within the decade.

“The programme has optimal industry inclusiveness, and it’s making steady progress in the implementation of all its strategic objectives, initiatives and projects,” he said.