) has released its Petroleum Products Distribution Statistics for 2023, revealing a 12.6% year-on-year (YoY) decline in petrol distribution and a 16.9% drop in truckouts.
Key Highlights:
– Petrol distribution fell to 20.29 billion litres in 2023 from 23.24 billion litres in 2022
– Petrol truckouts declined to 20.22 billion litres in 2023 from 24.35 billion litres in 2022
– Diesel imports surged by 23.66% to 4.94 billion litres in 2023 from 3.99 billion litres in 2022
– Local diesel production rose by 6.76% to 109.39 million litres in 2023 from 102.47 million litres in 2022
– Household Kerosene (HHK) local production climbed 56% YoY to 69.7 million litres in 2023 from 44.68 million litres in 2022
The report also noted that local petrol production has remained inactive since 2018.
Experts attribute the decline in petrol distribution to various factors, including changes in consumer behavior and shifts in global market trends.
The increase in diesel imports and local production may indicate growing demand for the fuel, potentially driven by industrial and commercial activities.
The NBS report provides valuable insights into Nigeria’s petroleum products market, highlighting areas for improvement and opportunities for growth.
_Source: National Bureau of Statistics (NBS)_
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