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Why Petrol Consumption Dropped to Over 40ml- MOMAN

Right: Clement Isong, MOMAN Secretary

According to the Major Marketers Association of Nigeria (MOMAN) Executive Secretary, Clement Isong, disclosed that the drop of fuel consumption was because customers adjusted their lifestyle.

He also noted the consumption declined by over 20% because the prices soared and Nigeria’s neighbours to whom it was illegally exported have resorted to alternative supply.

Isong, however, warned that one cannot be certain of the actual daily consumption volume unless the market stabilises.

His words: “What we are hearing is that the consumption came down. It used to be 66million litres per day for the country but it came down to just over 40 million litres per day.

“But there are many reasons why it came down: People are still adjusting their lifestyle. The price has also gone up in many countries because in some countries their supply was coming from Nigeria.

“They have all developed alternative supply. So a lot of their volumes were coming from and will still come from Nigeria until they develop less alternative ways for themselves.

“It is only after they have developed, when the market settles that we will know what Nigeria’s volumes will be.

“Also, remember that we are building a couple of refineries in Nigeria. So, we will have legitimate export of product once we have satisfied our national demand.

“Too, I will say averagely in the month of June, supply is down by 20% to just over 40ml/day. But it is still not Uhuru. It is not the final position.”

The Executive Secretary insisted that the petrol market will keep adjusting until it stabilises.

He allayed fears over shortage of supply, noting the Nigerian National Petroleum Company Limited (NNPCL) has placed an order for the importation of surplus vessels of petrol that are already offshore.

Meanwhile the average volume of Premium Motor Spirit (PMS) also known as fuel or petrol consumption in Nigeria has crashed from 66 million litres per day (ml/d) to over 40 ml/d in June 2023 for several reasons.

 

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