Data obtained from the National Bureau of Statistics have shown that the amount spent on petrol imported into Nigeria dropped by 42 per cent to 1.71 trillion naira in 2019.
The 1.71 trillion naira represented 10.75 per cent of the amount spent on all imported goods last year, compared to 2018 when petrol accounted for 22.4 per cent of total imports.
The decline in the amount spent on petrol imports last year was partly due to the fall in the average price of Brent crude oil, the international benchmark.
The price of Brent crude averaged 64 dollars per barrel in 2019, down from 71 dollars per barrel in 2018, according to Energy Information Agency.
Nigeria, Africa’s largest oil producer, relies largely on importation for petrol and other refined products as its refineries have remained in a state of disrepair for many years.
