HighlightOil & Gas

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

400
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

Breaking: Supreme Court Nullifies National Lottery Act

The Supreme Court on Friday nullified the National Lottery Act 2005 enacted...

NNPC Ltd. hosts NSC boss, pledges support for revitalization of Nigerian football

In a significant move to boost Nigerian football, the Nigerian National Petroleum...

Nigerian youths essential to repositioning Africa, says VP Shettima

Vice President Kashim Shettima has reaffirmed the federal government’s commitment to youth...

Just in: Simon Ekpa ‘ll be extradited to Nigeria to face charges – Defence Headquarters

The Nigerian Defence Headquarters, Abuja, has announced plans to extradite Simon Ekpa,...

NPA’s CEO Dantsoho Makes History as First Nigerian Chairman of PMAWCA

In a groundbreaking achievement, Dr. Abubakar Dantsoho, Managing Director of the Nigerian...

Save for rainy day, Federal Accountant General urges state govts, emphasizes transparency, accountability

In a bid to ensure financial stability during adverse situations and economic...

Sacked UNIZIK VC Odoh to Tinubu: You can’t fire me through press release

Sacked Vice-Chancellor of Nnamdi Azikiwe University (UNIZIK), in Awka, Anambra State, Prof....

UBA to empower MSME’s with wealth management strategies at its ‘Built to Last’ series

As part of its commitment to deepen the growth and sustainability of...

Olopade assumes office as NSC DG, promises new lease of life for Nigerian sports

Bukola Olopade had assumed office as the Director General of the resuscitated...

Amid High Inflation Rate, IMF Pledges Support for Nigeria’s Economic Reforms

International Monetary Fund (IMF) President Kristalina Georgieva and her team met with...

Nigeria’s Super Falcons Ajibade, Nnadozie, Nominated for 2024 CAF Women’s Player of the Year

The Confederation of African Football (CAF) has announced the nominees for the...

Just in: FG announces reshuffle of governing councils at FUOYE, Kogi varsity

The Federal Government has made changes to the governing councils of Federal...

Exclusive: Eguavoen Opens Up on Declining NFF Contract Extension, Reveals Reasons

Super Eagles Coach, Austin Eguavoen, has revealed why he declined the Nigeria...

Boost for Nigeria’s Oil Production As NNPC’s Utapate Crude Grade Hits Global Oil Market

In a major boost for Nigeria’s crude oil production, revenue generation, and...

Just in: FG sacks varsity Pro-Chancellor for misconduct

The Minister of Education, Dr. Tunji Alausa, has announced the removal of...

Just in: INEC presents Certificates of Return to Ondo Gov. Aiyedatiwa, deputy

The Independent National Electoral Commission (INEC) has presented Certificates of Return to...

Breaking: Senate sacks Danladi Umar, Code of Conduct Tribunal chairman  

Following proven allegations of gross misconduct and unacceptable behaviour, the Senate on...

Just in: South Africa takes over G20 Presidency from Brazil, first African nation to lead the bloc

South Africa has taken over the presidency of the G20 from Brazil,...

Tinubu submits 3 INEC REC, federal commissioner-nominees for Senate’s approval

President Bola Tinubu has sent the name of Ondo Resident Electoral Commissioner,...