Close Menu
    Facebook X (Twitter) Instagram
    Facebook X (Twitter) Instagram
    SweetCrudeReportsSweetCrudeReports
    Subscribe
    • Home
    • Oil
    • Gas
    • Power
    • Solid Minerals
    • Labour
    • Financing
    • Freight
    • Community Development
    • E-Editions
    SweetCrudeReportsSweetCrudeReports
    Home » Nigeria’s petrol use down 28% after subsidy scrapped – Regulator

    Nigeria’s petrol use down 28% after subsidy scrapped – Regulator

    July 9, 2023
    Share
    Facebook Twitter LinkedIn WhatsApp
    *Petrol dispenser nozzle.

    Abuja — Nigeria’s average daily petrol consumption has fallen by 28% since President Bola Tinubu scrapped a popular but costly subsidy on the fuel at the end of May, data from the industry regulator shows.

    Average daily petrol consumption fell to 48.43 million litres in June, down from the previous average of 66.9 million, according to figures released to Reuters by the Nigerian Midstream and Downstream Petroleum Regulatory Authority, NMDPRA.

    A subsidy had kept prices cheap for decades in Africa’s biggest economy, but it became increasingly expensive for the country – the government spent $10 billion last year – leading to wider deficits and driving up government debt.

    Since the subsidy was ended, a black market in neighbouring Cameroon, Benin and Togo that relied on petrol smuggled from Nigeria has collapsed.

    Despite having spent $2.41 billion on the subsidy in the first five months, Nigeria could save up to $5.10 billion this year from scrapping the petrol subsidy and from FX reforms, the World Bank said on June 27.

    *Elisha Bala-Gbogbo; editing: Jason Neely – Reuters

    Follow us on twitter

    Related News

    Crude oil rebound reflects optimism over the U.S.-China dialogue

    Stakeholders hail PINL’s achievements in protecting TNP

    Dangote, NNPCL boss pledge collaboration to boost energy security

    E-book
    Resilience Exhibition

    Latest News

    Nigeria advocates for global financial reform at 2025 UN Meetings

    May 9, 2025

    China pushes ahead in battery technology race

    May 9, 2025

    Gold rose amid geopolitical risks, investors await trade developments

    May 9, 2025

    Despite NPA’s intervention, export cargoes still stuck at EPTs for days

    May 9, 2025

    Nigeria recommits to fostering enabling environment for inclusive prosperity

    May 8, 2025
    Demo
    Facebook X (Twitter) Instagram
    • Opec Daily Basket
    • Oil
    • Power
    • Gas
    • Freight
    • Financing
    • Labour
    • Technology
    • Solid Mineral
    • Conferences/Seminars
    • Community Development
    • Nigerian Content Initiative
    • Niger-Delta Question
    • Insurance
    • Other News
    • Focus
    • Feedback
    • Hanging Out With Markson

    Subscribe for Updates

    Get the latest energy news from Sweetcrudereports.

    Please wait...
    Please enter all required fields Click to hide
    Correct invalid entries Click to hide
    © 2025 Sweetcrudereports.
    • About Us
    • Advertise with us
    • Privacy Policy

    Type above and press Enter to search. Press Esc to cancel.