A report by the Nigerian Midstream and Downstream Petroleum Regulatory Authority, NMDPRA, has indicated that daily consumption of the Premium Motor Spirits (PMS), popularly known as petrol, in the country has dropped by 16.8 per cent in July 2023 to 52 million litres daily compared to 64.96 million litres recorded in June.
According to the Authority, the land-based stock and closing stock less dead stock of petrol was one billion one hundred and twenty million four hundred and eighty-seven thousand eight hundred and forty-eight litres (1,120,487,848) as of the end of July 2023.
It added that marine stock, which included berth and offshore availability, was five hundred and twenty-one million thirty-five thousand six hundred and forty-five litres (521,035,645).
Furthermore, the total stock less dead stock was one billion six hundred and forty-one million five hundred and twenty-three four hundred and ninety-three (1,641,523,493) litres.
While the depot dead stock was eighty-three million six hundred and thirty-seven thousand seven hundred and eighty-one (83,637,781) litres, and total stock inclusive of dead stock stood at one billion seven hundred and twenty-five million one hundred and sixty-one thousand two hundred and seventy-four (1,725,161,274) litres.
NMDPRA said the land-based day’s sufficiency was 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.
Compared to July 1st when the land-based stock of PMS was one billion fifty-nine million three hundred and thirty thousand three hundred and twenty-one (1,059,330,321) litres while marine stock at berth and offshore stood at eight hundred and twenty-six million, four hundred and forty-seven thousand seven hundred and forty (826,447,740) litres.
The total stockless dead stock was 1.885 billion litres, while depot deadstock was 83.095 million litres.
As of July 1st, the Nigerian National Petroleum Corporation Limited (NNPCL) had two hundred and ninety-three million three hundred and eighty thousand and seven hundred and thirty-five (293,380,735) litres in stock, members of the Major Oil Marketers Association of Nigeria (MOMAN) had ninety-one million two hundred and two six hundred and forty-three (91,202,643) litres and Depot and Petroleum Products Marketers Association of Nigeria (DAPPMAN) had seven hundred and fifty-three eight hundred and twenty-five one hundred and eighty-three (753,825,183) litres.
But as of July 31st, out of the 1.203 billion litres of national inland PMS stock, the NNPCL had three hundred and seventy-seven million sixty-eight thousand seven hundred and seventy-two litres in its stock.
MOMAN had sixty million nine hundred and seventy-three hundred and sixty-five litres, while the DAPPMAN had seven hundred and sixty-five sixteen thousand nine hundred and fifty-four litres.
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