February 28, 2024

Nigeria’s Petrol Consumption Drops by 35% Due to Subsidy Removal, Emadeb Energy, Others Commended for Importing Petrol

Nigeria's Petrol Consumption Drops by 35% Due to Subsidy Removal, Emadeb Energy, Others Commended for Importing Petrol

Nigeria's Petrol Consumption Drops by 35% Due to Subsidy Removal, Emadeb Energy, Others Commended for Importing Petrol

 

By: Ashe

 

Ahmed Farouk, Chief Executive of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), has stated that Nigeria’s daily petrol consumption figure stands at 46.38 million litres per day, due to the subsidy removal by the Federal Government. He commended three marketers, Emadeb Energy, A.Y Shafa and Prudent Energy, for importing petrol into the country.

Farouk disclosed that over 56 companies applied for import licenses to bring in petrol, while only 10 made commitments to import. He added that others, like 11 Plc, are also indicating interest to import petrol in August and September, respectively.

Farouk disclosed this during a stakeholder meeting with oil and gas downstream operators in Lagos. The essence of the meeting was to review the downstream sector after the subsidy removal and also to thank marketers who had taken the offer to import petrol.

He said that the figure represented a 35% reduction when compared with the 65 million litres per day, prior to subsidy removal.

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