Petroleum Products Import Hits N3trn
Petroleum products importation between January 2015 to April 2016 cost the Federal Government about N3 trillion.
The National Bureau of Statistics (NBS) disclosed this in its latest petroleum import data released last weekend.
The country imported N570.6 billion worth of petroleum products between January and April this year while the country consumed about N2.4 trillion products in whole of 2015.
The NBS report, identified the products to include Premium Motor Spirit (PMS), Automotive Gas and Oils (AGO) and Household Kerosene (HHK) respectively.
A breakdown of the value spent on petroleum imports showed that the country consumed N431 billion of PMS from January to April this year; spent N118 billion on Automotive Gas Oil and N20 billion on House Hold Kerosene during the period under review.
With the price relatively low around the country, Petrol still sell above N145 in Cross River, Kaduna and Yobe states respectively. Consumers pay as much as between N152 and N155 for a litre of petrol.
The high cost of petrol in some states has been attributed to the difficulties in getting the products to those locations. Petrol is cheaper in some states because of their nearness to the various depots.
But the product is selling at N143 per litre in Osun, Abuja and Akwa Ibom respectively.
Petroleum: NNPC Intensifies Efforts To Maintain Availability
The Nigerian National Petroleum Corporation (NNPC) said it has intensified efforts to maintain availability of petroleum products in all parts of the country. It promised to keep Nigerians abreast of the key actions taken in the downstream petroleum sector. It also plans to combat corruption, inefficiencies and service issues in the oil and gas sector. This is in collaboration with citizens and other stakeholders.
According to the Corporation, the re-commissioning of the Escravos-Warri-Kaduna pipeline will enable the supply of crude oil to Warri and Kaduna refineries after many years of inactivity in an effort to combat the national fuel situation.
“Therefore, the three refineries are working, which will help in a great deal with the issue of fuel supply and distribution across the country and it will go a long way to manage the fuel crisis. In addition, there is ongoing competitive tendering process to find partners to overhaul the ailing refineries to ensure fuel sufficiency,” it noted.
NNPC disclosed that a total of 876.18 million litres of white products were distributed and sold by Pipelines and Product Marketing Company (PPMC) in the month of July 2016 compared with 860.46 million litres in the month of June 2016.
This comprised of 821.07 million litres of PMS, 39.17 million litres of kerosene and 15.94 million litres of diesel