Kehinde Fajobi
The Nigeria Midstream and Downstream Regulatory Authority (NMDRA) has clarified recent media reports suggesting that the country’s petrol consumption has dropped to 4.5 million litres per day, attributing the figure to speculation amid high fuel costs.
In response to reports, NMDRA Authority Chief Executive Farouk Ahmed, speaking at the 18th Africa Downstream Energy Week in Lagos, addressed the current state of petrol consumption.
Ahmed explained, “The current volume consumed by Nigeria, which is trucked to the market, ranges between 45 million litres and 50 million litres per day, including the existing buffer.”
The recent surge in petrol prices, up by 600 per cent from ₦198 to ₦1,070 over two years, has led to reduced patronage at filling stations, with some Nigerians reportedly parking their vehicles to avoid high costs.
However, Ahmed emphasised that despite these economic pressures, the actual national consumption has not dropped to the speculated 4.5 million litres.
He noted an expected rise in demand towards the end of the year, particularly during the holiday season, adding, “During the fourth quarter of the year, especially towards Christmas, industries usually experience a high volume of activities. But after this, we expect consumption may decrease.”
Ahmed expressed optimism that the ongoing liberalisation and price adjustments would discourage cross-border fuel smuggling by reducing incentives to transport petrol out of the country.
He stated, “After this, we can better gauge the balance between real supply and actual demand in the market.”
However, he acknowledged that daily consumption volumes might reduce over time but would not drop to as low as 4.5 million litres per day.