Nigeria spent N700.46bn on fuel imports in Q3 – NBS

Nigeria importation of petroleum products gulped N700.46bn in the third quarter of this year, amount close to the pre-COVID-19 level, according to the latest data from the National Bureau of Statistics.

The amount is more than three times the N221.47bn spent on fuel imports in the previous quarter, but 44.08 per cent lower than the N1.25tn incurred in the first three months of the year.

Fuel consumption and imports plunged to record low in Q2 amid the lockdown imposed by the Federal Government to contain the spread of COVID-19 pandemic in the country.

Data obtained from the Nigerian National Petroleum Corporation showed that the volume of petrol imported into the country through the Direct Sale Direct Purchase scheme fell from a high of 2.25 billion litres in March to 1.81 billion litres in April and 495.10 million litres in May.

Under the DSDP scheme, selected overseas refiners, trading companies and indigenous companies are allocated crude supplies in exchange for the delivery of an equal value of petrol and other refined products to the NNPC.

The country’s refineries have remained in a state of disrepair for many years despite several reported repairs.

The NNPC has been the major importer of petroleum products into the country in recent years.