Nigeria recorded a sharp decline in the daily consumption of Premium Motor Spirit (petrol), Automotive Gas Oil (diesel), and Aviation Turbine Kerosene (aviation fuel) in July, driven by escalating energy costs across the country.
The downturn was detailed in the July Fact Sheet released by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA).
Breakdown of fuel consumption decline
According to official figures from the regulatory agency, petrol consumption experienced the steepest volumetric fall among major liquid fuels.
Petrol (PMS): Daily consumption plummeted by 25 percent, dropping from 47.4 million liters per day (MLD) in June to 37.6 MLD in July.
Aviation Fuel (ATK): Demand plunged by 41 percent, falling from 2.9 MLD in June to 1.7 MLD in July.
Diesel (AGO): Daily usage declined by 9 percent, shifting from 16.0 MLD to 14.7 MLD over the same period.
Conversely, Liquefied Petroleum Gas (cooking gas) bucked the downward trend, recording a 7 percent increase in daily usage from 3.8 kilotonnes per day (KT/D) in June to 4.1 KT/D in July.
Impact of surging fuel prices
The reduced demand across transportation and industrial sectors directly correlates with retail price hikes observed nationwide throughout July.
During the month under review, retail petrol prices surged to between N1,131 and N1,350 per liter across various states. Diesel traded between N1,440 and N1,670 per liter, while aviation fuel reached peak rates ranging between N1,750 and N2,650 per liter, severely straining commercial transport operators, airlines, and individual consumers
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