Power outages push petrol demand to 51.8m litres daily

NBS, PEF partner to ascertain daily petrol consumption

The increased consumption of petrol in the country has pushed the local demand for it to 51.8 million litres daily.

National Bureau of Statistics (NBS) in its report for the fourth quarter (Q4) 2016 said 1.4 million litres of petrol were imported in October 2016, increasing to 1.6 million litres the following month and 1.7 million in December 2016.

The Bureau blamed the rising demand for petrol on the erratic supply of electricity in the recent months.

The increase contradicts the Minister of State for Petroleum Resources, Dr. Ibe Kachikwu’s recent broadcast earlier in the year that the government had succeeded in blocking fraud impacted volumes of PMS consumed daily from 50 million litres to 28 million litres.

The electricity supply has dropped to as low as 4,000 megawatts, and sometimes below 2,000 megawatts, compelling Nigerians to resort to petrol and diesel to power their stand by electricity generating sets.

Manufacturing Association of Nigeria (MAN) said fuel bill of the manufacturing sector at N62.9 billion in the first quarter of last year.

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