A Review of the Nigerian Energy Industry

Nigerians spent N1.7trn on petrol in 2014

21 July 2015, Lagos – Nigerians spent about N1.69 trillion on Premium Motor Spirit, also known as petrol, in 2014, according to data obtained from the Nigerian National Petroleum Corporation, NNPC.

NNPC-logo-335x270The NNPC, in its 2014 Annual Statistical Bulletin, disclosed that 17.4 billion litres of PMS was distributed in the period under review. This translated to an average daily consumption of 47.67 million litres of PMS consumption.

Using the 2014 fuel price of N97 per litre, Nigerians would have spent N1.69 trillion on the consumption of 17.4 billion litres of PMS in the period under review.

The NNPC gave a monthly consumption breakdown as follows:

  • January – 1.5 billion litre – N145.5 billion,
  • February – 1.3 billion litres – N120.3 billion,
  • March – 1.5 billion litres – N137.7 billion,
  • April – 1.4 billion litres – N136.77 billion,
  • May – 1.6 billion litres – N154.23 billion,
  • June – 1.4 billion litres – N137.7 billion,
  • July – 1.5 billion litres – N145.5 billion,
  • August – 1.4 billion litres – N135.8 billion,
  • September – 1.4 billion litres – N135.8 trillion,
  • October – 1.5 billion litres – N149.38 billion,
  • November – 1.3 billion litres – N125.13 billion, and,
  • December – 1.7 billion litres – N162.96 billion.

Apart from PMS, the Bulletin also indicated that the NNPC and oil marketers distributed a total of 23.503 billion litres of other petroleum products.

According to the report, 2.9 billion litres of Household Kerosene, HHK, and 3.2 billion litres of Automotive Gas Oil, AGO or diesel were distributed in 2014.

A similar breakdown by the NNPC on Household Kerosene and diesel respectively, is shown below:

  • January – 300.4 million litres, and 245.28 million litres;
  • February – 273.825 million litres, and 222.94 million litres;
  • March – 261.38 million litres, and 242.87 million litres;
  • April – 280.84 million litres, and 292.3 million litres;
  • May – 227.06 million litres, and 272.76 million litres;
  • June – 215.75 million litres, and 272.7 million litres;
  • July – 226.52 million litres, and 304.77 million litres;
  • August – 234.127 million litres, and 277.985 million litres;
  • September – 199.41 million litres, and 275.74 million litres;
  • October – 202.89 million litres, and 260.7 million litres;
  • November  210.65 million litres, and 233.38 million litres; and,
  • December 251.26 million litres, and 317.738 million litres

 

– Vanguard

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