July 21, 2024

Nigerians ‘consume’ 4.07bn litres of petrol, as subsidy estimate hits N823.30bn in 9 weeks – Report



Oredola Adeola


With a total volume of 4,075.78 million litres(ml) of Premium Motor Spirit (PMS) also known as petrol, released to the market by the Nigerian National Petroleum Company Limited (NNPCL) from Saturday, January 28 to Friday, March 31, 2023, about N823.30 billion was estimated to have been spent to service subsidy payment in the period under review.


EnergyDay arrived at this estimate for the period under review, based on the N202 per litre subsidy figure recently quoted by Mele Kyari, Group Chief Executive Officer (GCEO) of Nigerian National Petroleum Company Limited, (NNPCL).


This ballooning subsidy figure justifies the general consensus for an end to the controversial regime which is described as the most fiscally irresponsible spending of Muhammadu Buhari’s outgoing administration.


The analysis by EnergyDay therefore, established that the N823.30 billion subsidy estimate for the 9 weeks is still within the scope of ₦3.6 trillion allocated in the 2023 budget, for petrol subsidy during the first half of 2023.


Mrs. Zainab Ahmed, Nigerian Minister of Finance, Budget and National Planning, had in a recent statement confirmed that President Buhari will implement oil subsidy removal before the end of his administration on May 29th, 2023. During that meeting, she contradicted the NNPC’s GCEO, by quoting N350/litre as the average allocation for subsidy.

The incoming Nigeria President, Bola Tinubu, had during his campaign tour in Lagos vowed to remove the subsidy on petrol if elected president.


Further breakdown of the PMS weekly evacuation and dispatch for week 13, 2023, showed that the volume of petrol released to the 66 load-out depots increased to 515.99 million litres(ml) from 418.02ml recorded in week-12.


About 89.96% of all evacuation took place at the 33 top loading depots with Pinnacle -Lekki taking 73.97ml, being the maximum evacuation, while DOSA MYSTICA recorded the minimum of 5.11ml in between March 25 and March 31, 2023. Other loading depots evacuated 10.04 % of the total volume.



The nationwide weekly PMS evacuation and dispatch in other major loading depots showed that NIPCO- 34.36ml, 11 PLC- 28.74ml, AITEO- 24.57ml, BOVAS-20.42ml, MATRIX -17.03ml, DANMARNA PET- 15.30ml, A.YM SHAFA- 14.76ml, CONOIL LAG- 14.75ml, MRS LTD- 14.45ml, SHAFA ENERGY-13.60ml, TOTAL-OVH JV-13.22ml, and OVH Energy- 12.30ML.


Others are ETERNA- 11.71ml, A.A RANO- 11.50ml, MASTERS -1043ml,  SOBAZ NIG.LTD- 9.86ml, TSL- 9.81, BLUEFIN- 9.45ml, TAURUS-9.27ml,  Zamson Global -8.58ml,  MRS PLC- 8.39ml, Evergreen -8.17ml, PRUDENT -7.83ml, PINNACLE- 7.83ml, HUDSON -7.76ml, TOTAL APAPA- 7.57ml, RAINOIL -7.52ml, MEPAL -3.87ml, Hong Nig.Ltd- 6.63ml, PPMC Warri- 6.49ml, and  HOGL- 5.88ml.




ASHARAMI – 4.80ml, Stockgap- 4.76ml, LIQUID BULK- 4,74ml, PPMC Calabar -4.19ml, CONOIL PH- 3.67ml, SPECIALTY -3.27ml, CYBERTICS-2.68ml, TECHNO- 1.93ml, LADO OIL -1.89ml, FYNEFIELD- 1.88ml, AFRICA -1.58ml, MAINLAND-1.56ml, ORYX-1.45ml, AMICABLE- 1.34ml, Menj Oil- 1.21ml, Coolspring -1.20ml, ASCON- 1.13ml, and CHIPET- 1.06ml.


Others are OPTIMA-860,000litres, Parker Oil-820,000litres, ALKANES-810,000litres, WOSBAB- 800,000litres, EMADEB- 650,000litres, RAINOIL LAG- 640,000litres,  Keonamey- 410,000litres, ALPEC Ibafon-360,000L, AMMASCO-330,000L, SHEMA PET- 320,000L, BLOKKS-280,000litres, First Royal-190,000L, Integrated Oil- 130,000litres and BONO ENERGY -90,000L .



A total of 10,637 petrol trucks were loaded with Lagos State recorded only 2,168 trucks, while Ebonyi received only 37 trucks from the total trucks dispatched to different locations nationwide in the period under review.The average daily evacuation was 73.71million litres in the week under review.