NNPC to import 100m litres of petrol daily to tackle scarcity

In a bid to tackle the fuel shortages still ravaging some parts of the country, the Nigerian National Petroleum Corporation (NNPC) says it has programmed to import two cargoes of petrol daily for the rest of February 2018 to boost supply.

Each cargo has 50 million litres, making an import of a total of 100 million litres per day for the rest of February to increase supply and replenish strategic reserves.

Industry analysts, however, told TheCable Petrobarometer that the NNPC might be seeking to cash in on the drop in crude oil prices in the international market, as well as the urgent need to have the PMS cargoes in place before many of the European refineries go on their scheduled maintenance.

About 45 million litres of petrol were discharged from ships into jetties across the country on Wednesday, the corporation said.

Prior to the fresh 45 million litres discharge, there were 324 million litres of petrol on land and 432 million litres in marine storage making a total of 756 million litres, enough to last for 22 days at 35 million daily consumption rate.

The jetties that received the 45 million litres shipments include Nacj, Apapa; Bop, Apapa; Techo Jetty, Lagos; Dutchess, Oghara; Vine Jetty, Calabar; Chipet Jetty, Lagos; and ECM Jetty, Calabar.

Data released by the ministry of petroleum resources on Wednesday showed that while the supply of petrol increased by 12.87 million litres per day between December 2017 and January 2018, the scarcity of the fuel persisted in some parts — a clear indication that the product is being diverted.

In some parts of the country, petrol is being sold for various prices ranging from the official price of N145 to as high as N200 in some parts of the country.

NNPC said that to ensure efficient distribution of the product to depots in the hinterland, the Nigerian Pipeline and Storage Company (NPSC), a midstream subsidiary of the NNPC, has been mandated to fix relevant pipelines to facilitate seamless pumping, in addition to massive trucking arrangement that is in place.  (The Cable )