Nigeria’s petrol import bill hit ₦700.46 billion in Q3, 2020, this is according to the latest data released by the National Bureau of Statistics (NBS).
The figure more than triples the ₦221.47 billion expended on petrol importation in the preceding quarter, but 44.08 percent less than the N1.25 trillion spent in the first three months of the year.
The volume of demand for petrol and import dropped to a record as a result of the federal government’s decision to impose a lockdown, in the wake of the COVID-19 pandemic.
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According to the NBS data, the volume of petrol imported through the Direct Sale Direct Purchase scheme dropped from 2.25 billion litres in March to 1.81 billion litres in April and 495.10 million litres in May.
The DSDP scheme allows the NNPC to allocate crude oil to selected refineries, trading companies and indigenous companies in exchange for an equal value of refined products.
The nation has been grappling with meeting its petroleum needs due to the unending challenges of fixing its four refineries over the years.
The oil sector regulator NNPC is the main importer of petroleum into the country.
