Nigeria's Petrol Consumption Plummets Amid Price Surge

In August, Nigeria recorded its lowest petrol consumption at an average of 41.6 million litres per day, marking a 31 percent decrease from January's average of 60.2 million litres. The fluctuating consumption rates throughout the year showed a peak in January, likely due to festive activities, followed by a gradual decline.

The rising petrol prices, influenced by the US-Iran war disrupting fuel supply, have led many Nigerians to abandon their vehicles and stop using petrol-fueled generators. Despite the government's introduction of a N66 per litre discount in October to alleviate the burden, many citizens have criticized the measure as inaccessible.

Interestingly, August also saw one of the highest daily average supplies of petrol into the local market at 50.5 million litres, with Dangote supplying 35 million litres and importers providing 14.6 million litres.