According to the National Bureau of Statistics (NBS), Nigeria’s foreign trade report indicates that Premium Motor Spirit (PMS), also known as petrol, saw an unprecedented import bill of N3.22 trillion in the second quarter of 2024.
This represents a 100% increase from the N1.6 trillion recorded in the same period in 2023. The N3.2 trillion petrol import bill for Q2 2024 accounts for 25% of total imports during the period.
Furthermore, for the first six months of 2024, petrol imports cumulatively totaled N5.8 trillion, an increase of 87.09% from the 2023 figures. High crude oil prices and a weakened naira have led to this significant rise in petrol imports. After briefly surging as the best-performing currency in April 2024, the naira has since lost approximately 44.43% against the US dollar, trading at over N1,550.
Notably, issues regarding pricing and distribution have arisen following the commencement of petrol production at the Dangote refinery in Lekki, Lagos State, Nigeria. The Nigeria National Petroleum Company Ltd (NNPCL) and Dangote refinery are currently in talks to resolve these issues. The recent increase in petrol pump prices from N500 per liter to N897, aimed at reducing subsidy costs, has sparked controversy over pricing.
