Nigeria’s local fuel production increases as import declines

Nigeria’s petrol consumption dropped by 16.96% in 2023 following the removal of fuel subsidies by President Bola Tinubu, leading to severe energy inflation.

The country's local fuel production increased, with Household Kerosene (HHK) production rising by 56.02% and Automotive Gas Oil (AGO) by 6.76%.

While local production grew, imports of Premium Motor Spirit (PMS) declined by 13.77%.

Fuel prices surged, reaching N800-N1200 per liter, causing nationwide fuel shortages and financial strain.

Additionally, Nigeria owes its state-owned oil company NNPC 7.8 trillion naira in subsidy debts for the first half of 2023.