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Petrol Import Jumps By 88% In 12 Months, Hits N3.97tn –Report

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The value of imported Premium Motor Spirit, also known as petrol, jumped by 88.15 per cent to N3.97tn in 2021, data obtained from the National Bureau of Statistics have revealed.

The NBS report shows that the value of petrol import rose by N1.86tn or 88.15 per cent higher than the N2.11tn worth of PMS imported in 2020.

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The Nigerian National Petroleum Corporation is the sole importer of petrol into the country in recent years. Private marketers are yet to resume petrol importation due to a lack of full deregulation of petrol prices and access to foreign exchange at the official rate.

The NBS report further revealed that PMS, used vehicles and durum wheat topped the list of items imported by Nigeria in 2021, jointly accounting for 28.9 per cent of the total import bill recorded in the year under review.

Following the war between Russia and Ukraine, the prices of crude oil have increased significantly in the global market, which has also affected the landing cost of petrol, indicating that Nigeria will spend more this year.

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READ ALSO: dNigeria’s Debt Set To Hit N45trn As Plan To Borrow Additional N6.39trn Emerges

According to the NBS report, Nigeria imported goods worth over N20.84tn in 2021, indicating an increase of 64 per cent compared to the N12.7tn recorded in the preceding year.

This is also the highest import bill recorded by Nigeria, based on available data.

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Nigeria recorded a 58 per cent surge in total international trade to N39.75tn in 2021 from N25.22tn recorded in the previous year.

However, the significant surge in import bills led to a trade deficit of N1.94tn, further placing Nigeria as a net importing nation.

A further breakdown of the report indicated that Nigeria exported crude oil worth N14.41tn in 2021, which represents a 53 per cent increase compared to the N9.44tn recorded in 2020, while also accounting for 76 per cent of Nigeria’s total export earnings.

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A sum of N1.29tn was spent on Nigeria’s importation of durum wheat in 2021, which accounts for 6.2 per cent of the total import bill in the year under review, and the second most imported item by value.

According to the Central Bank of Nigeria, wheat is the third most widely consumed grain in the country after maize and rice.

Nigeria imported used vehicles worth N770.13bn in 2021, representing 3.7 per cent of the total import bill recorded in the year under review.

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According to the NBS, the used vehicle popularly referred to as ‘Tokunbo’ is stated as used vehicles, with diesel or semi-diesel engines, of cylinder capacity >2500cc.

Aside from the increasing cost of petrol importation, the Federal Government has also incurred increasing cost of petrol subsidy, also known as under-recovery.

In 2021, the NNPC said fuel subsidy gulped N1.43tn, although there was no record for under-recovery in January.

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In February, March, April, May, and June 2021, under-recovery for PMS amounted to N25.37bn, N60.39bn, N61.96bn, N126.29bn, and N164.33bn, respectively.

READ ALSO: N2.6 Trillion Debt: Reps Summon NNPC, NDDC For Investigation

In July, August, September, October, November and December, the NNPC spent N103.28bn, N173.13bn, N149.28bn, N163bn, N131.4bn, and N270.83bn, respectively.

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Economic and energy experts have continued to decry the rising cost of fuel subsidy to the Federal Government.

The World Bank and the International Monetary Fund have decried the Federal Government’s huge spending on petrol subsidy, urging the government to end the regime.

Although the Federal Government had planned to stop subsidising fuel subsidy by June 2022, the government later backtracked on the plan.

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Despite the increase in the cost of fuel subsidy, Nigerians have had to pay more for fuel and transportation over the years.

PUNCH.

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NNPCL Increases Fuel Price

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The Nigerian National Petroleum Company Limited, NNPCL, has increased the pump price of premium motor spirit across its retail outlets.

It was gathered that NNPCL retail outlets in Abuja have adjusted their fuel pump price to N955 per litre from N890.

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This is the case in NNPCL retail outlets along Kubwa Expressway, Wuse and other parts of Abuja.

READ ALSO:Fuel Station Manager, Three Others Arrested For Robbery

Similarly, the pump price hike has been implemented at filling stations in Kogi and Nasarawa.

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This means that the petrol pump price was increased by N65.

This comes after independent petroleum product marketers and filling station owners in Abuja increased petrol pump prices to between N950 and N971 per litre at the weekend. Their decision followed an upward review of the ex-depot petrol price by Dangote Refinery to N858 per litre, up from N820.

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Naira Appreciates Against Dollar As External Reserves Swell

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The naira appreciated against the dollar at the official foreign exchange market on Monday to begin the week on a bullish note amid swelling external reserves.

According to the Central Bank of Nigeria’s exchange data, the naira appreciated to N1,531.95 against the dollar on Monday from N1,533.74 traded last week Friday.

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READ ALSO:Naira Continues To Appreciate Against Dollar On Official Market

This showed that the Naira strengthened by N1.79 when compared to the N1,533.74 exchanged at the close of work last week.

Meanwhile, at the black market, the naira remained stable at N1560 per litre, the same exchange rate traded on Friday.

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The development comes as Nigeria’s external reserves had maintained a modest rise to $39.54 billion as of August 1st, 2025, up from $39.36 billion on July 30th.

 

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Naira Continues To Appreciate Against Dollar On Official Market

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The naira continued its appreciation against the dollar at the foreign exchange market on Tuesday.

Accordingly, the naira strengthened further to N1,533.18 against the dollar on Tuesday, from N1,534.21 traded the previous day.

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This represents a gain of N1.03 against the dollar on a day-to-day basis and marks the second consecutive day of appreciation at the official FX market.

READ ALSO:Woman Arrested For Killing, Selling Pregnant Nurse’s Body Parts

Meanwhile, on the black market, the naira depreciated further to N1,545 per dollar on Tuesday from N1,537 traded on Monday.

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Recall that the naira had similarly closed Monday’s trading session with mixed sentiments, recording gains at the official market but depreciating at the parallel market.

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