According to the Federal Government, 11.26 billion liters of Premium Motor Spirit, popularly known as petrol, were consumed nationwide in the first half of 2023.
Following President Bola Tinubu’s announcement on May 29, 2023, the FG claimed that PMS use decreased by an average of almost 18.5 million liters per day in June.
Data received on Sunday, July 9 from the Nigerian Midstream and Downstream Petroleum Regulatory Authority in Abuja revealed that during the pre-deregulation era, which ran from January 1 to May 28, 2023, the nation as a whole used around 9.9 billion liters of petrol.
The country consumed an average of 66.9 million liters of petrol every day over the five months while the gasoline subsidy was still in effect, according to the 148-day average consumption figure of 66.9 million liters.
However, data showed that during the post-deregulation period, which was defined as June 1 to June 28, 2023, the nation as a whole consumed 1.36 billion liters of petrol, with a daily average consumption of 48.43 million liters.
According to Prof. Yinka Omorogbe, President of the Nigeria Association for Energy Economics, the fuel subsidy system provided opportunities for unethical behavior.
Despite the negative effects on Nigerians, Omorogbe said that eliminating fuel subsidies was the best course of action.