Petrol Imports Gulped N1.71tn In 2019 - NBS - Liberty TV/Radio - News - Voice For All! Vision For Alll!
Publisher (J.T)
March 11, 2020
Dataobtained from the National Bureau of Statistics have shown that the amountspent on petrol imported into Nigeria dropped by 42 per cent to 1.71 trillionnaira in 2019.
The1.71 trillion naira represented 10.75 per cent of the amount spent on allimported goods last year, compared to 2018 when petrol accounted for 22.4 percent of total imports.
Thedecline in the amount spent on petrol imports last year was partly due to thefall in the average price of Brent crude oil, the international benchmark.
Theprice of Brent crude averaged 64 dollars per barrel in 2019, down from 71dollars per barrel in 2018, according to Energy Information Agency.
Nigeria,Africa’s largest oil producer, relies largely on importation for petrol andother refined products as its refineries have remained in a state of disrepairfor many years.