Figures from the Nigerian government agency indicated that between June 1 to June 28, 2023, which was described as the post-deregulation period, the total petrol consumption across the country was 1.36 billion litres as against 11.26billion between January and May.
The average consumption of Premium Motor Spirit, popularly called petrol, has dropped from 66.9 million litres daily to 48.4million litres since May 29 when the President Bola Tinubu-led government announced the removal of fuel subsidy.
Figures from the Nigerian government agency indicated that between June 1 to June 28, 2023, which was described as the post-deregulation period, the total petrol consumption across the country was 1.36 billion litres as against 11.26billion between January and May.
The figures were obtained from data obtained on Sunday from the Nigerian Midstream and Downstream Petroleum Regulatory Authority in Abuja.
An analysis of the data by PUNCH showed that the difference between the average monthly consumption figures during the pre-deregulation and post-deregulation periods was about 18.5 million litres.
This implies that the average daily consumption of petrol across the country reduced by about 18.5 million litres after subsidy on commodity was stopped by the Federal Government.
It was, however, observed that petrol consumption rose above 100 million litres in some days, while it fell to below 10 million litres in few other days.
A random pick of petrol consumption figures contained in the NMDPRA report, for instance, showed that on March 8, April 20, and May 16, Nigerians consumed 103.6 million litres, 105.02 million litres, and 101.9 million litres respectively.
These were during the ore-deregulation days, as figures from the post-deregulation period indicated that the country never consumed beyond 78.84 million litres all through the 28-day period captured in the document.
In fact, the 78.84 million litres was consumed on June 20, and it was the highest consumption figure during the post-deregulation period, while the lowest figure during the same period was the 470,000 litres that was consumed nationwide on June 11.
The President, Nigeria Association for Energy Economics, Prof. Yinka Omorogbe, said the fuel subsidy regime created avenues for terrible practices.
There had been repeated complaints by both the Nigerian National Petroleum Company Limited and oil marketers that Nigeria’s petrol was being smuggled out of the country to neighbouring nations during the period when the commodity was subsidised.