• About Us
  • Advertise
  • Contact Us
  • Privacy Policy
Monday, September 8, 2025
No Result
View All Result
NewsNet Nigeria
  • Home
  • News
    • Local News
    • National
  • Politics
  • Economy
    • Oil and Gas
  • Crime
  • Education
  • Health
  • Entertainment
    • Lifestyle
  • Sports
  • MORE
    • Interview
    • Editorial
    • Opinion
    • Columns
    • Science & Tech
    • Videos
NewsNet Nigeria
No Result
View All Result
Home Oil and Gas

Nigeria’s Petrol consumption drops from 66m to just over 40m litre/day

by NewsNet Nigeria
2 years ago
in Oil and Gas
NEC halts fuel subsidy removal in June
Share on FacebookShare on TwitterShare on LinkedinShare on Whatsapp

The major oil marketers of Nigeria recently said consumption of PMS has reduced by 20% from 66 million litre/day to just over 40 ml/d.

The Executive Secretary, Clement Isong, said adjustment of lifestyle due to increased rates was attributable to the decline in demand.

Meanwhile, THE NATION has learnt that private depots at the weekend crashed the price of Premium Motor Spirit (PMS) to N495 – N496 per litre from N502 to N503/litre.

The development came amid rumour that the prices of petrol may soar in July owing to the recently devalued exchange rate.

The Nigerian National Petroleum Company Limited (NNPCL) depot retained its N479.6/litre.

Independent Petroleum Marketers Association of Nigeria (IPMAN), National Vice President, Alhaji Abubakar Maigandi broke the news to The Nation on phone.

He attributed the decline in price to low demand for the product.

Lamenting the crash in demand for the PMS, he said customers, especially civil servants cannot cope with the new rates.

According to him: “They are even reducing the price compared to last week. “They are selling at the rate of N495 to N496/ litre. You know it reached N502 to N503/litre.

“In Lagos most of the depots in Lagos that is what they are selling. NNPC is maintaining its old rate N479.6/litre.

“There is no much market because people, especially the civil servants, are complaining there is no money.”

He urged importers of the product to hasten the supply, noting that there has been no fresh stocking since the removal of subsidy.

Maigandi, who said vessels of petrol may arrive in July, warned the suppliers not to allow their stock to dry up at any time.

The National Vice President said: “Nobody has imported petrol since the removal of subsidy even NNPC did not import.

“We are all using the old stock. But I know probably this month there will be new stock if not it may create scarcity.

“The government should not allow the fuel to get scarce. They should ensure they bring new stock. That is what we are expecting.”

Previous Post

Police parade suspected killers of Naval officer in Ondo State

Next Post

Journalist injured in car crash involving Delta Govt House Press Crew bus offers thanks to God

MORE NEWS

PIA: Urhobo Monarchs Inaugurate Palace Representatives in Oil, Gas Communities
Oil and Gas

PIA: Urhobo Monarchs Inaugurate Palace Representatives in Oil, Gas Communities

September 7, 2025
FG Declares Friday, September 5, Public Holiday for Eid-ul-Mawlid
Oil and Gas

Group Cautions Tinubu Against Alleged Sale of Nigeria’s Oil, Gas JV Assets

September 6, 2025
DELTA NORTH: UTILIZING THE 3% PIA REMITTANCE TO BUILD A BETTER FUTURE
Oil and Gas

Senator Nwoko Urges Media to Confront Corruption as Threat to Democracy

September 3, 2025
Tantita Security Seeks Support of Communication Scholars in Shaping Public Consciousness Against Oil Theft
Oil and Gas

Tantita Security Seeks Support of Communication Scholars in Shaping Public Consciousness Against Oil Theft

September 3, 2025
Next Post
Journalist injured in car crash involving Delta Govt House Press Crew bus offers thanks to God

Journalist injured in car crash involving Delta Govt House Press Crew bus offers thanks to God

Leave Comment

RECENT STORIES

Adjogbe Foundation Reaffirms Commitment to Education with Fresh Scholarships for Indigent Students

Adjogbe Foundation Reaffirms Commitment to Education with Fresh Scholarships for Indigent Students

September 8, 2025
Mother Rejects N5m Over Son’s Alleged Killing by Police Guarding Cross River Governor’s Residence

Mother Rejects N5m Over Son’s Alleged Killing by Police Guarding Cross River Governor’s Residence

September 8, 2025
Again, Dafinone Pledges Sponsorship of Urhobo Language Competition in Memory of Pius Ewherido

Again, Dafinone Pledges Sponsorship of Urhobo Language Competition in Memory of Pius Ewherido

September 7, 2025
Charles Aniagwu: Celebrating a Truly Good Man by Every Standard

Charles Aniagwu: Celebrating a Truly Good Man by Every Standard

September 7, 2025
PIA: Urhobo Monarchs Inaugurate Palace Representatives in Oil, Gas Communities

PIA: Urhobo Monarchs Inaugurate Palace Representatives in Oil, Gas Communities

September 7, 2025

TRENDING STORIES

  • Dr. Gloria Patrick-Ferife Emerges as National President of Ophthalmological Society of Nigeria

    Dr. Gloria Patrick-Ferife Emerges as National President of Ophthalmological Society of Nigeria

    0 shares
    Share 0 Tweet 0
  • Seven benefits of breast sucking to women by experts

    0 shares
    Share 0 Tweet 0
  • Delta Govt Releases 2025/2026 Academic Calendar as First Term Begins September 8

    0 shares
    Share 0 Tweet 0
  • Group Cautions Tinubu Against Alleged Sale of Nigeria’s Oil, Gas JV Assets

    0 shares
    Share 0 Tweet 0
  • PIA: Urhobo Monarchs Inaugurate Palace Representatives in Oil, Gas Communities

    0 shares
    Share 0 Tweet 0
  • About Us
  • Advertise
  • Contact Us
  • Privacy Policy

NEWSNET NIGERIA Published By: Morex Consult Limited - Since 2020.

No Result
View All Result
  • Home
  • News
    • Local News
    • National
  • Politics
  • Economy
    • Oil and Gas
  • Crime
  • Education
  • Health
  • Entertainment
    • Lifestyle
  • Sports
  • MORE
    • Interview
    • Editorial
    • Opinion
    • Columns
    • Science & Tech
    • Videos

NEWSNET NIGERIA Published By: Morex Consult Limited - Since 2020.