Nigeria has spent N700.46 billion(US$1,838,476,640.00) to import petroleum products in the third quarter of this year, the latest data from the National Bureau of Statistics have shown.
This is more than three times the N221.47 billion spent on fuel imports in the previous quarter, but 44.08 percent lower than the N1.25 trillion incurred in the first three months of the year.
Fuel consumption and imports plunged to record low in second quarter amid the lockdown imposed by the Federal Government to contain the spread of COVID-19 pandemic in the country.
Data obtained from the Nigerian National Petroleum Corporation showed that the volume of petrol imported into the country, through the Direct Sale Direct Purchase scheme, fell from a high of 2.25 billion litres in March to 1.81 billion litres in April and 495.10 million litres in May.
Under the DSDP scheme, selected overseas refiners, trading companies and indigenous companies are allocated crude supplies in exchange for the delivery of an equal value of petrol and other refined products to the NNPC.
The country’s refineries have remained in a state of disrepair for many years despite several reported repairs.
The NNPC has been the major importer of petroleum products into the country in recent years.
Source: www.energynewsafrica.com