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Nigeria In One Minute

High cost of Nigeria’s refineries’ ineptitude



It started with the revelation that the worth and cash spent by the Nigerian National Petroleum Corporation (NNPC) to import Premium Motor Spirit (PMS) also known petrol hit N638.4 billion between April and June 2018.

This, checks by New Telegraph showed, is N89 billion less than the N969 billion used on importation of the products in the first quarter.

Data provided by the Petroleum Products Pricing and Regulating Agency (PPPRA), which was verified and validated by the Nigeria Bureau of Statistics (NBS) last Tuesday, revealed that between April and June 2018, Nigeria spent N879.781 billion in worth and cash to import Premium Motor Spirit (PMS) also known as petrol; Automotive Gas Oil (AGO), popularly called diesel; House Hold Kerosene (HHK) also called kerosene and Aviation Turbine Kerosene (ATK) also known as aviation fuel.

As at the last count, over N264 billion had been wasted on the Turn around Maintenance (TAM) for the four ailing refineries in the country.

New Telegraph, August 14, 2018


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