Without Federal Government’s subsidy on premium motor spirit (petrol), consumers would be paying N462 per litre, the Nigerian National Petroleum Company Limited, NNPCL, has disclosed.
Mr. Garba Deen Muhammad, Group General Manager, Group Public Affairs Division, NNPC LTD, in a statement at the weekend, explained that presently the government was paying N297 per litre for the 68 million litres of petrol consumed daily.
Despite questions being raised about the volume of petrol consumed in the country, NNPCL has insisted 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.
It also disclosed that import in the year 2021 was 22.35 billion litres, which translated to an average supply of 61 million litres per day.
Mr. Muhammad stated: “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 loadouts) 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 company pointed out that “rising crude oil prices and 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 continues to transparently report the monthly PMS cost under-recoveries to the relevant authorities.
