Nigeria Imports N1.62 trn Petrol In Nine Months 

Nigeria spent a total of N1.62 trillion on the importation of Premium Motor Spirit, otherwise known as petrol, from January to September, this year, the latest data obtained from the National Bureau of Statistics (NBS) have shown.
This is against N1.72 trillion the country spent on petrol imports in the whole of 2019.
The data also showed that petrol topped the list of products imported into the country, accounting for 11.7 per cent of the total amount spent on imported products from January to September, this year.
Petrol imports, according to NBS, jumped 511.64 per cent to N53.62 billion in the third quarter of 2020 from N87.08 billion in Q2 and N371.75 billion in Q3 2019. In the first three months of this year, the country spent N1 trillion on the importation of petrol.
Petrol accounted for 73.04 per cent of the N700.46 billion spent on the importation of petroleum products into the country in Q3, according to the NBS data.
The Tide reports that fuel consumption and imports plunged to a record low in Q2 2020 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 (NNPC) showed that the volume of petrol imported into the country through the Direct Sale Direct Purchase (DSDP) 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.
Nigeria relies largely on importation of refined petroleum products as its 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.
Despite the recent petrol deregulation, most marketers have yet to resume petrol importation due to a lack of access to foreign exchange at the official rate.
In a related development , European petrol cash prices rallied in the week commencing December 14, recovering to levels not seen since the start of the pandemic as crude oil continued to gain momentum despite the poor prompt outlook for gasoline consumption in the United States and Europe.
European petrol prices, according to S & P Global Platts, have made considerable gains this month, with Eurobob FOB AR barges climbing 10.1 per cent in value since the start of December, and 15.7 per cent since the start of the fourth quarter.
Road fuel demand in the US and Europe has stabilised in recent weeks but remains around 15 per cent below year-ago levels as spiking COVID-19 infection rates threaten a return of mobility curbs in some regions.