Connect with us

Business

Petrol stock rises by 264.1m litres in one week, as NNPC mulls N400 per litre price

Published

on

Importation of petroleum products increased to 5.6bn litres in quarter 3

The Nigerian National Petroleum Company (NNPC) Limited’s stock of Premium Motor Spirit, popularly called petrol, has increased significantly following the return of queues in Abuja, Nasarawa, Niger and some other northern states.

Industry data released over the weekend and obtained by Ripples Nigeria on Monday indicated that the total PMS stock of NNPC as at November 11, 2022, was 2,111,721,150 (2.11 billion) litres.

This is a 264.1 million increase when compared to 1,847,558,138(1.8bn) petrol stock on the 4th of November 2022.

However, checks by Ripples Nigeria show that despite the increase in petrol stock which NNPC said can meet demands for 34 days, most filling stations sell for N200/litre at depots.

NNPC data which was also published by the Nigerian Midstream and Downstream Petroleum Regulatory Authority, reveals that Kerosene in stock for Nigerians is 11.25 million litres

READ ALSO:NNPC boss, Kyari, calls for petrol price hike, says govt subsidising N290 per litre

For Diesel, also known as AGO, NNPC said there are 440.24 million litres in stock sufficient to meet demands for 30 days.

For Aviation Fuel (ATK) there are 71.76 million litres which NNPC noted will meet the demand for 23.6 days.

Meanwhile, the Group Chief Executive Officer of NNPC Limited, Mele Kyari, suggested that petrol is currently sold at N445 exchange rate globally.

Speaking to the Legislative Transparency and Accountability Summit organised by the House of Representatives in Abuja recently, the NNPC boss noted that without subsidy, it is not possible for Nigerians to buy fuel at N170.

“For instance, today, when PMS comes into this country, we transfer to marketers at N113 per litre for us to ensure N165 at the pump, so you must sell at N113 to them to be able to deliver at N165.

“That means whatever the cost, anything after that value, that is subsidy. Somebody has to pay for it. Everyone knows the price of PMS around the world. There is nowhere today that you can land a litre of PMS to the pumps at the N445 exchange rate, it is not possible,” Kyari said.

Join the conversation

Opinions

Support Ripples Nigeria, hold up solutions journalism

Balanced, fearless journalism driven by data comes at huge financial costs.

As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake.

If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.

Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.

Donate Now

TEST

Investigations