PMS Puzzle in Nigeria: From 30m to 60m Liters Consumed Daily
By Dickson Omobola
The consumption of Premium Motor Spirit (PMS) in Nigeria has been a subject of controversy, with the quantity consumed daily fluctuating dramatically. After President Bola Tinubu’s statement on removing the fuel subsidy, the daily consumption dropped to about 30 million liters only to rise again to over 60 million.
Reports indicate that the surge in consumption is attributed to smuggling of petrol into neighboring countries where prices are higher. This trend has led to discrepancies in fuel prices across different regions in Nigeria.
Despite efforts to curb smuggling, the porous borders and the high landing cost of imported petrol have fueled the challenges faced by the Nigerian National Petroleum Corporation Limited (NNPCL). The debt incurred by NNPCL has affected fuel supply, leading to shortages and long queues at petrol stations.
The elimination of the fuel subsidy regime has both positive and negative impacts on the economy, with stakeholders debating its implications on the welfare of Nigerians and the overall fuel market.
As the PMS puzzle continues, the Nigerian government and regulatory authorities face the daunting task of balancing fuel consumption, subsidy management, and border control to ensure a stable fuel market in the country.
The post PMS PUZZLE:‘ Petrol Nigeria consumes daily dropped to about 30m liters, then dramatically went up to over 60m’ appeared first on Vanguard News.