Business

Petrol importation increased by 534m litres in January

Petrol importation increased by 534m litres in January

The Nigerian National Petroleum Corporation, NNPC, has revealed that the importation of Premium Motor Spirit, also known as petrol, into Nigeria, through its Direct Sale Direct Purchase scheme has increased by 534 million litres.

In the DSDP scheme, the NNPC delivers monthly crude oil lifting on Free on Board basis to a supplier who in return is expected to deliver petroleum products of Nigerian standard specification to the NNPC on Delivered at Place basis, at designated safe port(s) in Nigeria.

Latest industry data from the NNPC showed that the country’s PMS importation through the DSDP scheme increased by over 500 million litres between January 2018 and January 2019.

According to the data, importation of the product jumped from 1.464 billion in January last year to 1.998 billion litres in January 2019.

Read also: DPR revokes oil licenses of MKO’s company, 4 others

NNPC said: “In January 2019, 1,998.61 million litres of PMS were imported into the country through the DSDP arrangement, as against 1,780.2 million litres of PMS supplied in the month of December 2018.”

The DSDP scheme has been NNPC’s strategy to keep the nation running since its inability to keep the nation’s refineries working optimally.

The refineries include the Port Harcourt Refining Company, Kaduna Refining and Petrochemical Company and Warri Refining and Petrochemical Company

Timothy Enietan-Matthews

Timothy is a versatile journalist, down to earth with a critical and curious mind.

Join the conversation

Opinions

About the author

Timothy Enietan-Matthews

Timothy is a versatile journalist, down to earth with a critical and curious mind.

Do NOT follow this link or you will be banned from the site!