Nigeria’s petrol import bill has surged to a record high of N3.22 trillion in the second quarter of 2024, a staggering increase that highlights growing economic pressures.
The National Bureau of Statistics (NBS) revealed that petrol imports constituted 25% of total imports, with a 100% rise in value compared to the same period in 2023.
This sharp spike is largely attributed to rising crude oil prices and the weakening of the naira, which has depreciated by 44.43%, now trading at over N1,550 per USD.
The total petrol import bill for the first half of 2024 has reached N5.8 trillion, marking an 87.09% increase from N3.1 trillion during the same period last year.
Despite the start of operations at the $20 billion Dangote refinery, complications surrounding pricing have prevented the refinery from fully supplying petrol to the Nigerian market.
President Tinubu had approved the sale of crude oil to the Dangote refinery in naira, but ongoing discussions between the Nigeria National Petroleum Company Ltd (NNPCL) and the refinery over petrol pricing have delayed distribution.
The disagreement has intensified as the NNPCL recently hiked the pump price of petrol from N500 to N897 per litre, citing the need to reduce subsidy costs.
Despite earlier reports that NNPCL would be the sole distributor, the corporation has clarified that independent marketers can also buy from the refinery.
For now, the nation remains in a precarious economic position as it navigates the complexities of petrol imports, refinery operations, and fluctuating currency values.
