The amount of premium motor spirit (PMS), popularly called fuel, consumed in Nigeria each day, 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 according the weekly National PMS Evacuation Report for the 21st of March-3rd of April 2022 released by the Nigerian National Petroleum Company (NNPC).
The report said 36 states along with the Federal Capital Territory, FCT, received a total of 1.03 billion litres of petrol in 14 days.
According to the report, 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.
Further breakdown of the report shows that Lagos, Kano and Niger states topped the list of high demand states, with 170.4 litres, 83.612 litres and 82.271 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, the Minister of State for Petroleum Resources, Timipre Sylva, has called on European investors to further increase investments in the nation’s downstream sector.
Sylva disclosed this during a visit of the delegation from the Kingdom of 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.”