Nigeria Spent N760.437bn On Petroleum Products Import In Q1- NBS

Latest data released by Nigeria’s National Bureau of Statistics (NBS) on Wednesday shows that the nation spent a total of N760.437bn importating petroleum products for distribution across the country between January and March this year.
While premium motor spirit (petrol) gulped the bulk, 4.052bn litres worth a total of N566.957bn or 74.55%; Automotive Gas Oil or diesel, followed with N187.556bn for 1.307bn litres; while the remaining was spent importing 41.059m litres of HHK, otherwise known as House Hold Kerosene.
A further breakdown of the figures released in the Petroleum Products Import Statistics for first quarter 2017, showed that in January, according to the NBS, a total of 1.155bn litres of petrol were imported at the landing cost of N142.27/litre, valued at a total of N164.408bn. This rose in February to 1.27bn litres valued at N183.672bn, representing N144.53/litre; while in March, a total of 1.625bn litres were imported at an average landing cost of N134.62/litre, bringing total amount spent to N218.876bn.
In January also, 360.131m litres of diesel was imported for N52.294bn at a monthly average landing cost of N144.21/litres; which rose slightly in the following month to N146.63/litres as 443.169m litres were shipped into the country at a total value of N64.981bn; followed in the last month of the quarter with 504.596m litres of diesel at a reduced N139.28/litre monthly average, worth N70.28bn.
Of the total volume of Household Kerosene imported in the first quarter of the year, January had the highest of 27.822m litres worth N4.067bn at N146.19/litre monthly average; which crash considerably in February when only 1.066m litres got imported for N156.315m at an average cost of N146.53/litre; before rising to 12.169m litres valued at N1.699bn in the following month at N139.64/litre.
A further breakdown of the figure according to how they were distributed across the country revealed that a total of 124,675 trucks were used to distribute petrol across the country; while 42,140 trucks moved 1.311bn litres of diesel; and 236.427m litres of kerosene were transported in 8,226 trucks.
According to the report, 22,883 trucks moved 808.509m litres or 16.79% of the cumulative total litres of petrol across Lagos, the nation’s commercial hub in the three months. Lagos also consumed 433.207m litres or 33.02% of diesel trucked with 17,334 vehicles, representing 41.13% of total number of trucks; while 18.872m litres of kerosene were distributed with 889 trucks.
A total of 347.547m litres of petrol were distributed across Kano State in 7,633 trucks in the three-month period; just as 1,176 trucks were used to ferry 45.371m litres of diesel across the state; and 203 trucks of kerosene containing a total of 5.662m litres.
In Niger, 7,539 truckloads of petrol containing 309.509m litres were distributed across the state; ahead of the 6,442 trucks that moved 237.203m litres of petrol across Ogun state. Delta state recorded 180.969m litres of petrol ferried in 5,180 trucks within the period; while 64.667m litres of diesel were transported to the state in 2,133 trucks; and 37.59m litres of kerosene borne in 1478 trucks.

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