Petrol consumption has drastically reduced in Nigeria with filling stations recording sharp drop in patronage as reports from across the country indicate.
This is largely connected to the high cost of premium motor spirit (PMS), also known as petrol, with a litre selling as much as N1,200 in some parts of the country.
The outright removal of fuel subsidy from PMS by President Bola Ahmed Tinubu’s administration on May 29, 2023, has triggered an increase in pump price, rising from N198 first to N580, and ultinately to between N998 and N1,200.
This represents an increase of about 600 per cent from N198, when it was sold pre-May 29.
With the high cost of the product, it has become virtually unaffordable to many Nigerians with citizens parking their vehicles at home, and filling stations recording low sales, as confirmed by stakeholders in interviews with our reporters.
There are conflicting reports on the daily petroleum consumption. While some reports said it has dropped by over 50 per cent, another report suggested it has dropped by 92 per cent from what it was in 2023.
But reports from across the states indicated a drastic drop with some filling stations complaining of very low patronage while many states that they are at the brink of shutdown.