Nigeria’s average daily consumption of Premium Motor Spirit (PMS), popularly called petrol, dropped to 52 million litres in July, as against a national consumption figure of 64,964,000 recorded on June 30, 2023, data obtained from Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has shown.

According to the agency, the land-based stock and closing stock – less dead stock – of petrol was 1,120,487,848 litres as of the end of July 2023, and marine stock, which included berth and offshore availability, was 521,035,645 litres.

According to the data, the total stock – less dead stock – was 1,641,523,493 litres. However, depot dead stock was 83,637,781 litres. Total stock, inclusive of dead stock, was 1,725,161,274 litres. The land-based days’ sufficiency was 21.55 days, while marine days’ sufficiency was put at 10.02 days, and total days’ sufficiency cumulatively stood at 31.57 days.

The total stockless dead stock was put at 1,641,523,493 litres. Depot dead stock was 83,637,781 litres and total stock, inclusive of dead stock, stood at 1,725,161,274 litres.

Conversely, on July 1, land-based stock of PMS was 1,059,330,321 litres, while marine stock at berth and offshore stood at 826,447,740 litres. Total stock – less dead stock – was 1,885,778,061 litres, while depot dead stock was 83,095,042 litres.

Total stock, inclusive of dead stock, stood at 1,968,873,103 litres. Land-based sufficiency was 16.31 days, marine days’ sufficiency was 12.72 days and total days’ sufficiency was 29.03 days.

As of July 1, the Nigerian National Petroleum Corporation Limited (NNPCL) had 293,380,735 litres in stock. Members of Major Oil Marketers Association of Nigeria (MOMAN) had 91,202,643 litres, while Depot and Petroleum Products Marketers Association of Nigeria had 753,825,183 litres.

On days’ sufficiency, the data said Nigeria had land-based days’ sufficiency of 21.55 days as of the end of July, while marine days’ sufficiency was 10.02 days, which brings the total days’ sufficiency to 31.57 days.