The Nigerian National Petroleum Corporation (NNPC), has revealed that the current Landing Cost of petrol is N171 per litre – meaning that at N145 per litre, the Federal Government is currently paying a subsidy of N26 on a litre of the commodity.
The Group Managing Director of the NNPC, Mr. Maikanti Baru, said this on Sunday while speaking with reporters in Abuja on Sunday, December 24, 2017.
According to him, the normal consumption of PMS in Nigeria had risen to over 50 million litres per day, due to hoarding and diversion, mainly as a result of cross-border smuggling, due to the PMS price disparity that exists between Nigeria and its neighbours.
The Nation reports that while commenting on the Landing Cost of PMS, Baru said the Cost, Insurance and Freight price of PMS was $620 per metric tonne, adding that at N305 to a dollar, the landing cost translates to N171 per litre.
The GMD however said the Federal Government has given approval for preferential and speedy treatment to be given to vessels carrying Premium Motor Spirit (PMS), also called petrol, to end the lingering crisis in Nigeria.
He added that the Nigerian Navy, Nigerian Ports Authority, NPA, Customs and the Nigerian Maritime Administration and Safety Agency, NIMASA are currently expediting the clearance of fuel vessels and anchorage services to facilitate speedy product transfers to various depots including during weekends and public holidays.
The NNPC helmsman noted that President Muhammadu Buhari is deeply concerned about the fuel crisis and had ordered al stakeholders involved, including security agencies to ensure a speedy resolution of the situation.
In addition, he disclosed that the NNPC had commenced a 24-hour loading and sales operations at all depots and its mega stations across the country.
“Major marketers were also advised to carry out 24-hour operations, most of whom have been complying. This has increased load-out from the Depots significantly and continuous sales at the filling stations nationwide,” Baru noted.