HighlightOil & Gas

Baru says 4,501 trucks loaded with fuel disappeared in December with 148, 533 million litres

393
The Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Maikanti Baru, has said that the nation lost about 148,533000 million litres of fuel to diversion during the December fuel crisis.

“Due to massive diversion, hoarding, panic buying and smuggling, coupled with the information that three Direct Sales Direct Purchase Consortia had rejected October cargoes, there was insinuation of a supply gap,” he said  Thursday at an investigative public hearing by a Joint Senate and House of Representatives Committees on Petroleum Downstream, at the National Assembly Complex, Abuja.

Baru disclosed that during the period,  NNPC could not track the movement of 4,501 trucks representing the quantity of the disappeared products.

The NNPC GMD listed some of the key factors which were responsible for the crisis to include insufficient reserve, clearance speed, supply gap, diversion, hoarding, panic buying and smuggling.

He noted that prior to the crises, NNPC had 1.9 billion litres strategic reserve of Premium Motor Spirit (PMS), which would have lasted for 53 days but that due to panic buying, diversion and hoarding, the Coorporation was unable to cope with the daily nation consumption of 37 million litres of PMS, which led to the presence of long queues at petrol stations across the country.

He however said that NNPC took some urgent steps to resolve the scarcity which includwd but not limited to the immediate activation of war room, additional imports to increase days sufficiency, 24-hour operations in all NNPC Depots and mega stations; sustained media and stakeholders engagements; increased monitoring, surveillance and sanctions as well as restreaming at Kaduna and Port Harcourt refineries put at 3 million daily.

Baru also used the opportunity to call on the Petroleum Products Pricing Regulatory Agency (PPPRA) to review the pricing template and landing cost. He also asked the National Assembly to approve outstanding subsidy payments and debts to marketers.

Leave a comment

Related Articles

Rodri Brushes Off Vinicius, Real Madrid at Ballon d’Or ceremony

Recently crowned 2024 Ballon d’Or winner Rodri has downplayed the absence of...

Super Eagles Land in Abidjan, Gear Up for Benin Republic Clash

The Nigerian national football team, the Super Eagles, has arrived in Abidjan,...

Nigeria signs $1.2bln deal with CNCEC to revive aluminium smelter

Nigeria has taken a significant step towards reviving its dormant aluminium smelter...

VP Shettima Arrives in Benin City for Edo Governor’s Inauguration

Vice President Kashim Shettima has arrived in Benin City, Edo State capital,...

Breaking: Powerful explosion rocks Jos, many people feared dead

A devastating explosion shook the city of Jos on Tuesday morning, sending...

NNPC Ltd. boss, Mele Kyari, thrashes allegation of sabotaging Dangote Refinery as baseless

Mr. Mele Kyari, the Group Chief Executive Officer of the Nigerian National...

Infanticide: US places $25,000 bounty on fleeing Nigerian parent

The United States of America has offered a $25,000 reward for anyone...

Tinubu, Abiodun, Sanwo-Olu, others extol Pastor Tunde Bakare at 70

Pastor Tunde Bakare, the founder of Citadel Global Community Church, is a...

NNPC Ltd. Unveils Plan to Resolve Nigeria’s Energy Trilemma

Nigerian National Petroleum Company Limited (NNPC Ltd) Group CEO, Mr. Mele Kyari,...

Breaking: IPMAN Secures Direct Supply Deal with Dangote Refinery, Promises Steady, Affordable Fuel Nationwide

The Independent Petroleum Marketers Association of Nigeria (IPMAN) has announced a landmark...

“Operation Sweep”, FCT demolition squad, faces backlash from residents, Wike reacts

The recent demolition exercise by “Operation Sweep”, a task force set up...

Nov. 16 Ondo guber poll: Sensitive election materials arrive

Ahead of the Saturday, October 16 governorship poll in Ondo State, sensitive...

China’s imports from Nigeria soar to $15.1bln, 36.1% increase

China’s imports from Nigeria have reached an all-time high of $15.1 billion...

Vandals destroy TCN towers, disrupt power supply in Abuja

The Transmission Company of Nigeria (TCN) has reported a fresh attack on...

Amid opposition, Kano Rep. Jibrin promises to push Tinubu’s tax reform bills through in NASS

In spite of growing opposition to President Bola Tinubu’s controversial tax reform...

FCT Police bust notorious car theft syndicate, arrest suspect, recover 3 vehicles

The Federal Capital Territory (FCT) Police has confirmed the arrest of a...

Osimhen’s Brace Powers Galatasaray to 3-2 Win Over Samsunspor

Nigerian striker Victor Osimhen led Galatasaray to a thrilling 3-2 victory over...

Amotekun, Vigilante groups barred from Ondo gov. election – IGP Egbetokun

The Inspector-General of Police Kayode Egbetokun has banned Amotekun, Vigilante Groups, and...

NPA firefighters extinguish APMT crane fire, no fatalities recorded

The Nigerian Ports Authority (NPA) firefighters, with assistance from other sister agencies,...

Nigeria’s Okonjo-Iweala set to serve second term as WTO DG unopposed

The World Trade Organization (WTO) has confirmed that Dr. Ngozi Okonjo-Iweala will...