The latest data from the National Bureau of Statistics shows that the amount spent on the importation of Premium Motor Spirit rose by 17.54 per cent to N2.11tn last year.
The country spent N1.71tn on petrol imports in 2019, down from N2.95tn in the previous year, according to the NBS.
The data also showed that petrol topped the list of products imported into the country, accounting for 11.7 per cent of the total amount spent on imports from January to September.
Petrol import jumped to N573.69bn in the fourth quarter of 2020 from N532.62bn in Q3 and N87.08bn in Q2.
In the first three months of 2020, the country spent N1tn on the importation of petrol.
Fuel consumption and imports plunged to a record low in Q2 2020 amid the lockdown imposed by the Federal Government to contain the spread of Coronavirus Disease 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 2.25 billion litres in March to 1.81 billion litres in April and 495.10 million litres in May.
The NNPC has been the sole importer of petrol into the country in recent years. Private marketers have yet to resume petrol importation due to a lack of full deregulation of petrol pump price and access to foreign exchange at the official rate.
The corporation said in its latest monthly report that to ensure continuous increased PMS supply and effective distribution across the country, 1.72 billion litres of PMS were supplied for the month of November.
“The corporation has continued to diligently monitor the daily stock of PMS to achieve smooth distribution of petroleum products and zero fuel queue across the nation,” it added.
Nigeria relies largely on the importation of refined petroleum products, as its refineries have remained in a state of disrepair for many years despite several reported repairs.
