The Nigeria Extractive Industries Transparency Initiative (NEITI) has revealed that Nigeria’s highest petrol import was in 2022The agency revealed that the country recorded a PMS import volume of 23.54 billion litres of petrol in that yearNEITI praised the Nigerian National Petroleum Company Limited (NNPC) for leading Nigeria towards energy self-sufficiency
Henzodaily.ng’s Pascal Oparada has reported on tech, energy, stocks, investment and the economy for over a decade.
The Nigeria Extractive Industries Transparency Initiative (NEITI) said Nigeria recorded the highest PMS import of 23.54 billion litres in 2022.
NEITI also said the country reported the lowest import volumes of 16.88 million litres in 2017.
NEITI explains how Nigeria imported its highest petrol in 2022 as landing costs fall.
Credit/Bloomberg/Contributor
Source: UGC
NEITI praises NNPC for reviving Nigeria’s refineries
The agency commended the Nigerian National Petroleum Company Limited (NNPC) for completing the rehabilitation of the Port Harcourt refinery and restarting the Warri refinery.
It disclosed in a statement that the revival of the two facilities is a massive step towards energy self-sufficiency and fostering economic sustainability.
The statement, signed by Obiageli Onuorah, NEITI’s director of communications, said that by reducing the whopping costs of fuel imports, the NNPC’s achievement will positively impact Nigeria’s FX reserves, creating a ripple effect across critical sectors of the economy.
“These accomplishments represent significant strides towards addressing Nigeria’s long-standing dependence on imported petroleum products” the statement noted.
NEITI disclosed that revitalising the two refineries can boost energy security, and job creation and stimulate local industries, freeing up funds for other priorities.
BusinessDay reports that the NEITI statement requested that the state oil firm expedite action on the second phase of the Port Harcourt Refinery and the rehabilitation of the Kaduna Refinery.
Marketers report a drop in petrol landing cost
The agency praised NNPC leadership for its resilience, dedication, and determination in executing the challenging task of restoring Nigeria’s refining capacity.
Meanwhile, a previous report by Henzodaily.ng reveals that oil that the ex-depot price of Premium Motor Spirit (PMS), commonly known as petrol, has dropped to N922.65 per litre as of Friday, January 24, 2025.
This was disclosed in the updates published by the Major Energies Marketers Association of Nigeria (MEMAN).
This reduction reflects various expenses, including shipping, import duties, and exchange rates.
Petrol landing cost is cheaper than Dangote prices
The new imported prices now have a disparity of N32.35 from the N955 per litre price offered at the loading gantry of the Dangote Petroleum Refinery.
Also, MEMAN revealed that the landing cost of Automotive Gas Oil (AGO)-Diesel has dropped to N1,045 per litre while aviation fuel is now N1,063.69 per litre.
This decrease in landing cost could influence the price at which petroleum products are sold to Nigerians and give marketers another reason to consider importation.
New petrol prices as oil falls
Henzodaily.ng earlier reported that oil prices dipped on Monday, January 27, 2025, after US President, Donald Trump, asked the global oil cartel, the Organisation of Petroleum Exporting Countries (OPEC), to scale down prices amid wide-ranging measures to boost US oil and gas production.
Brent Crude fell by 53 cents, or 0.68% to $77.97 per barrel after rising 21 cents on Friday, January 24, 2025.
West Texas Intermediate (WTI) crude sold at $74.16 per barrel, falling 50 cents or 0,67%.
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Source: Henzodaily.ng