Petrol consumption in Nigeria experienced a significant decline of 16.8% during July 2023, according to information provided by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA).

Daily petrol consumption plummeted to 52 million liters compared to the 64.96 million liters reported in June.

The NMDPRA data further indicated that the total land-based stock, excluding dead stock, reached 1.120 billion liters by the end of July 2023.

Marine stock, which encompasses berth and offshore availability, amounted to 521 million liters.

Despite these figures, depot deadstock was recorded at 83.637 million liters, contributing to the total stock inclusive of dead stock reaching 1.725 billion liters.

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The days of sufficiency calculations provided insight into the petrol supply situation.

Land-based days sufficiency stood at 21.55 days, while marine days sufficiency was evaluated at 10.02 days. When combined, the total days sufficiency reached 31.57 days.

Contrastingly, on July 1st, the land-based stock of Premium Motor Spirit (PMS), commonly known as petrol, was reported at 1.059 billion liters, with the marine stock at berth and offshore amounting to 826.447 million liters.

The total stock less dead stock was 1.885 billion liters, and depot deadstock was noted at 83.095 million liters. The overall stock, inclusive of dead stock, reached 1.968 billion liters.

The report by NMDPRA also disclosed that the national PMS stock levels with the Nigerian National Petroleum Corporation Limited (NNPCL) on July 1st stood at 293.380 million liters.