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Federal Government reveals monthly fuel consumption dropped by 18.5million litres after deregulation

Written by on July 10, 2023

The Federal Government is saying that the volume of Premium Motor Spirit, popularly called petrol, consumed across the country in the first half of 2023 is 11.26 billion litres.

It was, however, observed that after the removal of subsidy on petrol, following the pronouncement by President Bola Tinubu on May 29, 2023, PMS consumption reduced by an average of about 18.5 million litres daily in June.

Data obtained from the Nigerian Midstream and Downstream Petroleum Regulatory Authority in Abuja has shown that between January 1 and May 28, 2023, the total amount of petrol consumed nationwide was about 9.9 billion litres.

The average consumption for the 148-day period was put at 66.9 million litres, indicating the country consumed an average of 66.9 million litres of petrol daily during the five-month period when subsidy on petrol was still in place.

Talkingt equity and liquidity, last week’s acquisition of the single largest individual equity stake in First Bank Nigeria Holdings Plc by Mr. Oba Otudeko’s Barbican Capital Limited is in a state of technical suspension until the CBN determines its propriety.


Multiple sources say the apex bank would subject the material acquisition to scrutiny in line with the apex bank’s fit and proper rules.

Nigeria’s apex capital market regulator, Securities and Exchange Commission, and Nigerian Exchange also traditionally review material transaction such as Barbican Capital’s acquisition.

FBN Holdings at the weekend confirmed that Barbican Capital, an affiliate of Otudeko’s Honeywell Group Limited, had acquired about 4.77 billion ordinary shares in the holding group.


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