The latest report by the National Bureau of Statistics (NBS) on petroleum importation released last weekend indicates that the total value of imported petroleum products for 2016 stood at N2.58 trillion.
The report revealed that products imports into the country gulped N790.4 billion in the fourth quarter of the year 2016 while a total of 18.8 billion litres of premium motor spirits (PMS) were imported during the year.
According to the report, the premium motor spirits (PMS) or fuel recorded the highest volume of 18.8 billion litres, valued at N2.01 trillion, while 4.89 billion litres of automotive gas oil (AGO) valued at N505.8 billion were imported. In addition to total of 713.79 million litres of household kerosene (HHK), valued at N70.7 billion were also imported into the country last year.
A further breakdown of the report for the last quarter indicated 4.83 billion litres of PMS; 1.00 million litres of AGO and 182.9 million litres of HHK, valued at N629.6 billion; N136.1 billion and N24.7 billion respectively were imported into the country.
According to the Petroleum Products Imports Statistics for 4th quarter 2016, released by the statistical agency, the month of May 2016 recorded the highest volumes of premium motor spirits (PMS) imported at 2.02 billion litres valued at N249.88 billion.
The report also showed that state-wide distribution of truck-out volume for Q4, 2016 saw 4.83 billion litres of premium motor spirits (PMS), 1.00 billion litres of automotive gas oil (AGO) and 182.95 million litres of household kerosene distributed nationwide during the period under review.
The average monthly landing cost of petrol in October N132.6 per litre; N121.7 per litre in November and N136.71 per litre in December with 1.43 billion litres; 1.65 billion litres and 1.74 billion litres respectively were imported in Q4.