Nigeria daily consumption of Premium Motor Spirit, PMS, also known as petrol, 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 came as 36 states along with the Federal Capital Territory, FCT, received a total of 1.03 billion litres of petrol in 14 days.
This was contained in the Nigerian National Petroleum Company, NNPC, limited weekly National PMS Evacuation Report for the 21st of March-3rd of April 2022.
Meanwhile, 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).
According to the National PMS Evacuation Report, the average national daily evacuation for the period stood at 73.5 million litres.
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A 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.
The report noted that 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.
Minister seek more investment
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.”
Petrol price rise 7.3%
In a related development, the average retail price paid by consumers for petrol increased to N185.30 in March 2022 indicating a 7.31% increase when compared to the value recorded in March 2021 (N172.68).
The NBS disclosed this in its report on Premium Motor Spirit (Petrol) Price Watch (March 2022).
The statistics agency stated that, on a month-on-month basis, the average retail price increased from N170.42 in February 2022 showing an increase of 8.73 percent when compared to the average retail price paid by consumers in March 2022.
The report noted that Enugu, Ebonyi and Cross River paid highest for a litre of the product at N218.33, N215.00 and N214.41 respectively.
On the other hand, States with the lowest average retail price for Petrol were Jigawa, Benue and Nassarawa with N165.71, N165.50 and N165.45 respectively.
More so, the highest average retail price was recorded in the South-East zone with N210.846 while the North-Central had the least average retail price with N168.40.
