Nigeria’s 3rd Quarter Petrol Import Gulp N700.46 Billion

Yemisi Izuora

The National Bureau of Statistics (NBS), on Tuesday, December 15, has disclosed that Nigeria’s third quarter Petroleum products importation rose to N700.46bn moving closer to the pre-COVID-19 level.

According to the NBS report, this amount is more than three times the N221.47bn spent on fuel imports in the previous quarter; but 44.08 per cent lower than the N1.25 trillion incurred in the first three months of the year.

Fuel consumption and imports plunged to record low in Q2 amid the lockdown; imposed by the Federal Government to contain the spread of COVID-19 pandemic in the country, the NBS revealed

The data issued by the Nigerian National Petroleum Corporation, NNPC showed that the volume of petrol imported into the country through the Direct Sale Direct Purchase scheme fell from a high of 2.25 billion litres in March to 1.81 billion litres in April and 495.10 million litres in May.

Under the DSDP scheme, selected overseas refiners; trading companies and indigenous companies are allocated crude supplies in exchange for the delivery of an equal value of petrol; and other refined products to the NNPC.

The NNPC has been the major importer of petroleum products into the country in recent years.

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