The amount spent on the importation of petroleum products into Nigeria rose to N700.46bn in the third quarter of this year, moving closer to the pre-COVID-19 level, the latest data from the National Bureau of Statistics have shown.

The amount is more than three times the N221.47bn spent on fuel imports in the previous quarter, but 44.08 per cent lower than the N1.25tn incurred in the first three months of the year.

Fuel consumption and imports plunged to record low in Q2 amid the lockdown imposed by the Federal Government to contain the spread of COVID-19 pandemic in the country.

Data obtained from the Nigerian National Petroleum Corporation showed that the volume of petrol imported into the country through the Direct Sale Direct Purchase scheme fell from a high of 2.25 billion litres in March to 1.81 billion litres in April and 495.10 million litres in May.

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Source: OrientEnergyReview