According to data obtained from the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), there has been a notable decrease in the average daily consumption of Premium Motor Spirit (PMS), commonly known as fuel, within the country.
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The consumption figures for July showed a decline to 52 million liters, in contrast to the previous national consumption of 64,964,000 liters recorded in June 2023.
Further analysis of the data unveiled specific stock levels in relation to land-based and marine resources for petrol. The combined stock minus dead stock for land-based operations by the end of July 2023 stood at 1,120,487,848 liters. In comparison, the marine stock, encompassing both berth and offshore availability, was recorded at 521,035,645 liters. Although the collective stock excluding dead stock summed up to 1,641,523,493 liters, the portion allocated to depot dead stock amounted to 83,637,781 liters.
In totality, the stock, which includes dead stock components, reached a quantity of 1,725,161,274 liters. The evaluation of sufficiency in terms of days indicated that land-based sufficiency was calculated at 21.55 days, marine sufficiency at 10.02 days, and the overall cumulative days’ sufficiency reached 31.57 days.
Additionally, the statistics revealed that the total stock less dead stock was calculated at 1,641,523,493 liters. Depot dead stock was tabulated at 83,637,781 liters, resulting in a comprehensive stock inclusive of dead stock amounting to 1,725,161,274 liters. In contrast, on July 1, the stock of PMS for land-based operations was 1,059,330,321 liters, while the marine stock at berth and offshore combined for 826,447,740 liters. The total stock, excluding dead stock, was marked at 1,885,778,061 liters, with depot dead stock contributing 83,095,042 liters. The stock, inclusive of dead stock, equated to 1,968,873,103 liters.
Furthermore, the available days’ sufficiency details were determined. As of the end of July, Nigeria had 21.55 days of land-based sufficiency and 10.02 days of marine days’ sufficiency, resulting in a combined total of 31.57 days’ sufficiency.
Additionally, as of July 31, the national inland PMS stock, which totaled one billion two hundred and three million forty-six thousand and ninety-one liters, was distributed among various entities. The Nigerian National Petroleum Corporation Limited (NNPCL) held a stock of 377,068,772 liters, members of the Major Oil Marketers Association of Nigeria (MOMAN) possessed 91,202,643 liters, and the Depot and Petroleum Products Marketers Association of Nigeria maintained a stock of 753,825,183 liters.
Overall, these figures provide a comprehensive insight into the fluctuating trends in PMS consumption and stock levels, as well as the diverse entities involved in its distribution and management within the Nigerian market.
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