Nigeria’s petrol consumption dropped by 16.96% in 2023 following the removal of fuel subsidies by President Bola Tinubu, leading to severe energy inflation.
The country's local fuel production increased, with Household Kerosene (HHK) production rising by 56.02% and Automotive Gas Oil (AGO) by 6.76%.
While local production grew, imports of Premium Motor Spirit (PMS) declined by 13.77%.
Fuel prices surged, reaching N800-N1200 per liter, causing nationwide fuel shortages and financial strain.
Additionally, Nigeria owes its state-owned oil company NNPC 7.8 trillion naira in subsidy debts for the first half of 2023.
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