HighlightOil & GasTrending Story

Nigeria’s average daily petrol supply is 68m litres, NNPC insists

410

The Nigerian National Petroleum Company Limited (NNPC Ltd) has restated that the total volume of Premium Motor Spirit (petrol) imported into the country from January to August 2022 was 16.46 billion litres, averaging daily supply of 68 million litres.

Similarly, import in the year 2021 was 22.35 billion litres, which translated to an average supply of 61 million litres per day.

Persecondnews recalls that the Nigeria Customs Service (NCS)’s Comptroller-General, retired Col. Hammed Ali, had reportedly “queried” the daily consumption of 60 million litres of petrol by Nigerians.

On September 1, 2022, Ali had told a session of the House of Representatives Committee on Finance on the 2023-2025 Medium-Term Expenditure Frame and Fiscal Strategy Paper (MTEF/FSP) that he wondered “why NNPC, which put Nigeria’s daily fuel consumption at 60 million litres, lifts 98 million litres into the market.’’

“I remember that last year, we spoke about this. Unfortunately, this year, we are talking about subsidy again. The over N11 trillion we are going to take as debt, more than half of it is going for a subsidy,” he said.

But setting the records straight, the oil company sad:“The Nigerian National Petroleum Company Limited (NNPC Ltd) wishes to inform members of the general public that between January and August 2022, the total volume of Premium Motor Spirit (PMS) imported into the country was 16.46 billion litres, which translates to an average supply of 68 million litres per day.

“The NNPC Ltd notes the average daily evacuation (Depot truck out) from January to August 2022 stands at 67million litres per day as reported by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA)

“Daily Evacuation (Depot load outs) records of the NMDPRA do carry daily oscillation ranging from as low as 4 million litres to as high as 100 million litres per day.

“The NNPC also wishes to point out that rising crude oil prices & PMS supply costs above PPPRA (now NMDPRA) cap had forced oil marketing companies’ (OMCs) withdrawal from PMS import since the fourth quarter of 2017.

“In the light of these challenges, NNPC has remained the supplier of last resort and continue to transparently report the monthly PMS cost under recoveries to the relevant authorities.’’

A statement by Mr Garba Deen Muhammad, the Group General Manager, Group Public Affairs Division of NNPCL given to Persecondnews clarified:“NNPC limited also note the average Q2, 2022 international market determined landing cost was US$1,283/MT and the approved marketing and distribution cost of N46/litres.

“The combination of these cost elements translates to retail pump price of N462/litres and an average subsidy of N297/litres and an annual estimate N6.5 trillion on the assumption of 60million litres daily PMS supply. This will continuously be adjusted by market and demand realities.’’

NNPC Ltd restated its commitment to ensuring compliance with existing governance framework that requires participation of relevant government agencies in all PMS discharge operations, including Nigerian Ports Authority, Nigerian Midstream and Downstream Petroleum Regulatory Authority, Nigerian Navy, Nigeria Customs Service, NIMASA and all others.

“NNPC Ltd recognizes the impact of maritime and cross border smuggling of PMS on the overall supply framework. NNPC also acknowledges the possibilities of other criminal activities in the PMS supply and distribution value chain.

“NNPC will continue to engage and work with relevant agencies of the Government to curtail smuggling of PMS and contain any other criminal activities.

“We will continue to deliver on our mandate to ensure energy security for our country with integrity and transparency. We invite any forensic audit of the PMS supply and subsidy management framework of the NNPC,’’ the statement said.

Leave a comment

Related Articles

Just in: For umpteenth time, national power grid collapses

Nigeria’s national power grid experienced another collapse on Tuesday, losing power generation...

CONUA to FG: Settle out withheld salaries, allowances, third-party deductions

The Congress of University Academics (CONUA) has called on the federal government...

Tinubu’s N200bln intervention fund seeks to eradicate poverty in Nigeria – Gov. Sani

Governor Uba Sani of Kaduna State has said that President Bola Tinubu...

Guardiola admits Manchester City’s struggle amid injury crisis

Manchester City manager Pep Guardiola has acknowledged that the club will struggle...

Pres.Tinubu Unveils Ambitious Plan to Revamp Nigeria’s Dilapidated Stadiums

The Chairman of the National Sports Commission, Mallam Shehu Dikko, has outlined...

Just in: 63-year-old Ekiti Chief Judge, Adeyeye, dies

Justice Oyewole Adeyeye, the Chief Judge of Ekiti State, has passed away....

Equatorial Guinea govt introduces CCTV in offices amid sextape scandal

Following sextape scandals, Equatorial Guinea’s Vice President, Teddy Nguema, has announced plans...

Election Day Showdown: Harris and Trump Hold Duelling Rallies as Polls Reach Dead Heat

Kamala Harris and Donald Trump held rival rallies on Monday, the final...

$26bln African Atlantic Gas Pipeline Project Gains Momentum

The federal government, in collaboration with the Economic Community of West African...

N1.3trn fraud: EFCC arrests, grills ex-Delta Gov. Okowa

A former Delta State Governor, Ifeanyi Okowa, has been apprehended by the...

Equatorial Guinea government official embroiled in sextape scandal

Mr. Baltasar Engonga, Director General of the National Financial Investigation Agency (ANIF)...

CAF ruling against Libya: Nigerian govt. promises to protect its citizens in Libya

Nigeria’s Ministry of Foreign Affairs has reaffirmed the federal government’s commitment to...

Polaris Bank wins “Best Mobile App” award at Digital Jurist Awards 2024

For its commitment to digital innovation and excellence, Polaris Bank has again...

Updated: After six years of injustice, Nigeria’s ex-Chief Justice, Onnoghen, finally gets justice

The Court of Appeal, Abuja Division, on Monday, overturned the conviction of...

Flood sacks 4 Anambra council areas as Soludo activates 27 IDP camps

By Emmanuel Ndukuba, Awka Floods have devastated four local government areas in...

Four-month salary: NASU, SSANU secure irrevocable commitment from FG, suspend strike

After a six-day strike, the Joint Action Committee (JAC) of non-teaching staff...

Three radio stations in Abia destroyed by mysterious fire

A mysterious fire has hit three radio stations in Abia in Abia...

Seven new ministers for inauguration on Monday, Nov. 4

President Bola Tinubu will preside over the oath-taking of seven new ministers...

Youth shot dead for playing football near VIP’s house

A 70-year-old man, Mr. Stephen Irobunda, has escaped a mob action in...

Renowned Nigerian filmmaker, director Dimeji Ajibola is dead

Dimeji Ajibola, the acclaimed Nigerian filmmaker behind the popular series Shanty Town,...