The Nigeria Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has said Nigeria’s daily Premium Motor Spirit (Petrol) consumption is between 45 million and 50 million litres.
Chief Executive Officer of NMDPRA, Ahmed Farouk, disclosed this on Monday at 18th Africa Downstream Energy Week in Lagos.
This comes amid speculations that the hike in the pump price of petrol pushed Nigeria’s daily consumption of the fuel to 4.5 million.
However, the regulator’s boss clarified that the country’s daily petrol consumption stood between 45 million and 50 million, not 4.5 million.
Farouk added that he expects that deregulation would discourage cross-border smuggling of the product, thereby ensuring availability within the country.
“We hope this price adjustment or liberalisation will discourage cross-border smuggling of the product, meaning that more petrol will stay within the country,” he said.
DAILY POST recalls that last month, President Bola Ahmed Tinubu told former lawmakers that upon the removal subsidy, Nigeria’s daily fuel consumption dropped to 30 million.