Description

Nigeria being an oil producing nation however still relies on imported petroleum products for the servicing of the economy. Such petroleum products as Petrol (PMS), Diesel (AGO) and kerosene (DPK) are products utilized by almost everybody on daily basis at an average of 60 million litres daily usage. Due to increasing level of standard of living, more Nigerians are increasing the number of cars on the road, the need for constant power supply to aid uninterrupted production of goods and services and also for domestic use more Nigerians are increasing the demand for fuel in order to enjoy the usage of their generating sets and industrial plants

This report highlights the step-by-step procedure required for the setting up of a retail filling station. The increasing need for reports like these is conquest upon the increasing demand for petroleum products across Nigeria and the world over.

According to a world bank report in 2010″over 50 percent of the world’s population directly or indirectly depends on hydrocarbon and petroleum products for survival.

With a population of over one hundred and sixty five million { 165,000,000} people ,growing at the average rate of 2.7% per annum and an economic growth rate of about 5.7 % in the past five years, the market for refined petroleum products in Nigeria, established ,growing and sustainable.

The nations demand for refined petroleum products currently stands at an estimated sixty million {60,000,000} liters for Premium Motor Spirit {PMS}, Dual Purpose Kerosene {DPK} and Automated Gas Oil {AGO} per day.

Refined petroleum product filling station business is a very lucrative business with over 100% Return on Investment {RoI} in two {2} years.

A Wikipedia Encyclopedia (2007) report reveals that “there over a million petroleum filling stations in the world with over five thousand (5, 000) located in Nigeria”. This shows the volume of trade that will be taking place in the industry daily.