Petrol consumption in Nigeria has dropped by 16.8 percent in July 2023, to 52 million litres daily, when compared to 64.96 million litres recorded in June.

Data from the Nigerian Midstream and Downstream Petroleum Regulatory Authority, NMDPRA, indicated that the land-based stock and closing stock less dead stock of petrol was 1.120 billion litres as of the end of July.

It added that marine stock, which included berth and offshore availability, was 521 million litres, adding that the total stock less dead stock was 1.641 billion litres; however, depot deadstock was 83.637 million litres.

The NMDPRA said total stock, inclusive of dead stock, was 1.725 billion litres.

Members of the Major Oil Marketers Association of Nigeria, MOMAN, had 91.202 litres, while Depot and Petroleum Products Marketers Association of Nigeria had 753.825 million litres.