Nigeria’s petrol importation hits 5-year high in 2018, as diesel importation declines

, Economy

Nigeria’s importation of Premium Motor Spirit (PMS) also known as Petrol, finally hits the 20.14 billion litres mark in 2018. In the last quarter of 2018 alone, Nigeria imported 5.3 billion litres of PMS.

Data for the four quarters in 2018, as previously released by the National Bureau of Statistics (NBS), shows that the country imported a total of 20.14 billion litres of PMS last year.

According to the NBS report, Nigeria imported 17.3 million litres of PMS in 2017, compared to the new figure of 20.14 billion litres in 2018. This indicates that PMS importation increased by 16% year-on-year.

Basic Highlights

  • Petrol Importation hits an all-time high in 5 years
  • Diesel importation dropped in 2018
  • Household Kerosene rose again after the previous year decline
  • PMS importation statistics for Q4 2018 rose to 5.32 bn litres
  • Automotive Gas Oil (Diesel) importation hits the quarter high of 1.30 bn litres
  • The Dual Purpose Kerosene (DPK) increased to a quarterly high
  • Aviation Turbine Kerosene (ATK) rose to 267.80 million litres in the last quarter
  • Liquefied Petroleum Gas importation imported was 331.78 million
  • Nigeria imported 42.38 million litres of bitumen also in Q4
  • Also, 10.63 million litres of low pour fuel oil (LPFO) was imported in Q4

PMS importation rose again and hits a 5 year high of 20.14 billion litres in 2018

Report from the Bureau shows that PMS importation in Nigeria is not showing a sign of decline as it reached a five year high of 20.14 billion litres.

According to data available on the bureau’s webpage and obtained by Nairametrics, PMS importation stood at 18.5 billion litres in 2014, and then increased to 18.6 billion in 2016. According to the data, PMS importation increased by 16% year-on-year; 2017 and 2018.

It is instructive to note that there was a rise in PMS importation in 2018, after the previous 4 year low of 17.3 billion low in 2017.

Diesel Importation falls for the second consecutive year to 4.23 billion litres in 2018

The importation of Diesel declined for the second consecutive year in 2018 to 4.23 billion litres from 4.27 billion litres in 2017. Also, Diesel importation in 2016 was 4.6 billion litres. This indicates that Diesel importation dropped by 9% in two years.

However, comparing a five-year historical growth trend in the importation of Diesel, Nigeria recorded a 22% increase in Diesel importation between 2014 and 2018. In 2014, the total volume of Diesel imported stood at 3.48 billion litres, while it rose to 4.23 billion litres in 2018.

Meanwhile, Household Kerosene import rose again in 2018, after dropping for the 4th consecutive year 

Data shows that Household Kerosene importation increased to 537.6 million litres in 2018 after the importation dropped for the 4th consecutive year to 340 million litres in 2017. That is, Household Kerosene importation increased by 58% year-on-year in 2018.

However, within the last five year, Household Kerosene Importation decline by 82%. In 2014, the total volume of kerosene imported was 2.93 billion litres, while it stood at 537.6 billion litres in 2018.

Importation in last quarter 2018 shows Petrol, Diesel and Aviation Kerosene all rose

According to the data covering Q4 2018, Nigeria Petrol import rose to 5.3 billion litres, as against 4.36 billion litres in the third quarter. This indicates a 22% increase in Petrol import quarter-on-quarter 2018.

Also, Aviation Turbine Kerosene also increased in the last quarter of 2018 to 267.8 million, compared to 212.8 million litres imported in the third quarter of 2018. Indication a 26% increase in import of the product.

However, importation of Diesel increased by 49% in the last quarter of 2018. In the last quarter, the total volume of Diesel imported rose to 1.3 billion litres, compared to 873.7 billion in the third quarter of 2018.