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NNPC INSISTS ON 68M LITRES DAILY SUPPLY OF PMS

The Nigerian National Petroleum Company (NNPC) Limited has insisted that the daily supply of petrol across the country was 68 million litres and offered to submit itself for forensic audit of fuel supply and subsidy management.

This comes following the argument that the NNPC could not scientifically prove the 98 million litres/day consumption it was claiming, as the Customs’ Comptroller-General alleged that the nation’s oil company was supplying an excess of 38 million litres of PMS daily, warranting the over ₦6.34tn subsidy payment on the commodity annually.

The Group General Manager, Public Affairs Division NNPC, Mr Garba-Deen Muhammad, in a statement in Abuja recalled that between January and August 2022, the total volume of fuel imported into the country was 16.46 billion litres, which translates to an average supply of 68 million litres per day.

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He added that similarly, fuel imported in the year 2021 was 22.35 billion litres, which translated to an average supply of 61 million litres per day.

The Company said the average daily evacuation (depot truck out) from January to August 2022 stood at 67 million litres per day as reported by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA).

NNPC said the rising crude oil prices and PMS supply costs above NMDPRA cap had caused oil marketing companies’ 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,” the Company stated.

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