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Nigeria’s petrol sufficiency stock drops by 5.45% in three days

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Increase in petrol price inevitable –Rewane

Nigeria’s downstream petroleum sector price regulator, the Petroleum Products Pricing Regulatory Agency (PPPRA) has revealed that Nigeria’s domestic stock of petrol has dropped by 5.45 percent.

This is contained in its latest daily stock data report for 21st, March 2021 obtained by Ripples Nigeria on Thursday March 25th.

PPPRA revealed that the cumulative depot stock of Petrol at the depots reduced to 1.95 billion litres from 2.07 billion litres reported on 18th March 2021.

The drop in Petrol stock means Nigeria can only sustain its current daily petrol consumption of about 56 million litres for another 35 days.

Despite the drop, the number of days confirms Nigerian National Petroleum Corporation (NNPC), assurance to Nigerians that at least in the foreseeable future petrol scarcity is not in sight.

READ ALSO: Nigerians paid 1.31% more for petrol in February

However, further check shows most of the inland volumes of Petrol in store were not owned by NNPC but Depot and Petroleum Products Marketers (DAPPMA).

While NNPC has 22.84 percent of the total land stock, DAPPMA owns 75.88 percent.

If DAPPMA should decide against NNPC decision not to raise price of petrol in April, Nigerian consumers will only have 286.5 million litres of NNPC share available to last for only 3.98 days.

DAPPMA on the other hand owns 740.9 million liters which can last for 13.23 days.

Major Oil Marketers Association of Nigeria (MOMAN) the other marketing association owns 12.5 million litres representing 1.28 percent and can last for less than a day.

NNPC has continued to insist that a raise in pump price was not in consideration despite the rise in oil price in the international market.

A breakdown of the available depot stock shows, land based storage facility which is 1.09 billion liters dropped 1.46 percent.

While Marine petrol stocks decreased by 10 percent to 863.8 million litres.

NNPC, DAPPMA and MOMAN operates in five designated areas- Lagos, Port Harcourt, Calabar, Warri and Kaduna areas for onward distribution across the country.

Out of the available share as at the time of the data, 500.3 million liters are in Lagos, 108.9 liters in Port-Harcourt, Calabar 134.3 million liters, Warri 235.5 million and Kaduna has 81,900,267 liters.

Other Petroleum products in the March 21 PPPRA sufficiency data also shows a drop.

Aviation Turbine Kerosene (ATK) dropped to 81.4 million litres from 92.6 million three days previous.

PPPRA, however noted the current ATK stock can sustain the aviation industry for 27 days.

Similarly, the volume of diesel also depleted to only 26 days sufficiency, put at 364 million litres from 399.5 million liters as at March 18th.

Domestic Kerosene also dropped 20.5 million from 20.96 million three days ago, and the stock should serve Nigerians for 26 days.

By David Ibemere…

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