NNPC Ready For Forensic Audit of Fuel Supply

Cat:

Related stories

2025 Rivers N1.48 tn Budget Done In Readiness for Fubara’s Return — Ibas

By Kolawole Ojebisi The Sole Administrator of Rivers State, Vice...

[VIDEO] Drama As Oshiomhole, Air Peace Engage in Dirty Spat at Lagos Airport

By Abiola Olawale Air Peace, one of Nigeria’s leading airlines,...

I’m Ready To Forgive Elon Musk..We’ve to Strengthen the Country, Says Trump

By Kolawole Ojebisi US President, Donald Trump, has stated that...

Dele Momodu Tells Tinubu: You Can’t Say Nigerians are Busybodies, Bystanders to Praise Wike

By Abiola Olawale A chieftain of the Peoples Democratic Party...

Oil Prices Slip Despite U.S.-China Talks

Crude oil prices moved lower earlier today even after...

The Nigerian National Petroleum Company Limited (NNPC Ltd) has offered to submit itself for forensic audit of fuel supply and subsidy management, insisting that daily fuel supply is 68 million litres.

The NNPC made this known on Sunday in a statement signed by Malam Garba Muhammad, Group General Manager, Group Public Affairs Division, NNPC.

Muhammad said between January and August 2022, the total volume of Premium Motor Spirit (PMS) imported into the country was 16.46 billion litres, which translated to an average supply of 68 million litres per day.

Similarly, he said that import in the year 2021 was 22.35 billion litres, which translated to an average supply of 61 million litres per day.

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

“While daily evacuation (depot load outs) records of the NMDPRA do carry daily oscillation ranging from as low as four million litres to as high as 100 million litres per day,” he said.

He said that rising crude oil prices and PMS supply costs above PPPRA (now NMDPRA) cap had caused oil marketing companies’ withdrawal from PMS import since the fourth quarter of 2017.

In the light of these challenges, he said that NNPC had remained the supplier of last resort and continued to transparently report the monthly PMS cost under-recoveries to the relevant authorities.

On cost, he said the average international market determined landing cost, in quarter two, 2022 was 1,283 dollars per Metric Tonnes and N46 per litre approved marketing and distribution cost.

“The combination of these cost elements translates to retail pump price of N462/litre, an average subsidy of N297/litre and an annual estimate of N6.5 trillion on the assumption of 60 million litres daily PMS supply.

The NNPC promised to ensure compliance with existing governance framework that requires participation of relevant government agencies in all PMS discharge operations.

“The agencies include the Nigerian Ports Authority, NMDPRA, Nigerian Navy, Nigeria Customs Service, NIMASA and all others,” Muhammad said.

He acknowledged the possibilities of criminal activities in the PMS supply and distribution value chain.

Muhammad, however, pledged that as a responsible business entity, NNPC would continue to work with relevant agencies to curtail smuggling of PMS and contain other criminal activities.

He also pledged that the company would deliver on its mandate of ensuring energy security for the country, with integrity and transparency. (NAN)

Agency Report
Agency Report
Hamilton Nwosa is an experienced, and committed communication, business, administrative, data and research specialist . His deep knowledge of the intersection between communication, business, data, and journalism are quite profound. His passion for professional excellence remains the guiding principle of his work, and in the course of his career spanning sectors such as administration, tourism, business management, communication and journalism, Hamilton has won key awards. He is a delightful writer, researcher and data analyst. He loves team-work, problem-solving, organizational management, communication strategy, and enjoys travelling. He can be reached at: hamilton_68@yahoo.com

Subscribe

- Never miss a story with notifications

- Gain full access to our premium content

- Browse free from up to 5 devices at once

[tds_leads input_placeholder="Your email address" btn_horiz_align="content-horiz-center" pp_msg="SSd2ZSUyMHJlYWQlMjBhbmQlMjBhY2NlcHQlMjB0aGUlMjAlM0NhJTIwaHJlZiUzRCUyMiUyMyUyMiUzRVByaXZhY3klMjBQb2xpY3klM0MlMkZhJTNFLg==" pp_checkbox="yes" tdc_css="eyJhbGwiOnsibWFyZ2luLXRvcCI6IjMwIiwibWFyZ2luLWJvdHRvbSI6IjQwIiwiZGlzcGxheSI6IiJ9LCJwb3J0cmFpdCI6eyJtYXJnaW4tdG9wIjoiMTUiLCJtYXJnaW4tYm90dG9tIjoiMjUiLCJkaXNwbGF5IjoiIn0sInBvcnRyYWl0X21heF93aWR0aCI6MTAxOCwicG9ydHJhaXRfbWluX3dpZHRoIjo3NjgsImxhbmRzY2FwZSI6eyJtYXJnaW4tdG9wIjoiMjAiLCJtYXJnaW4tYm90dG9tIjoiMzAiLCJkaXNwbGF5IjoiIn0sImxhbmRzY2FwZV9tYXhfd2lkdGgiOjExNDAsImxhbmRzY2FwZV9taW5fd2lkdGgiOjEwMTksInBob25lIjp7Im1hcmdpbi10b3AiOiIyMCIsImRpc3BsYXkiOiIifSwicGhvbmVfbWF4X3dpZHRoIjo3Njd9" display="column" gap="eyJhbGwiOiIyMCIsInBvcnRyYWl0IjoiMTAiLCJsYW5kc2NhcGUiOiIxNSJ9" f_msg_font_family="downtown-sans-serif-font_global" f_input_font_family="downtown-sans-serif-font_global" f_btn_font_family="downtown-sans-serif-font_global" f_pp_font_family="downtown-serif-font_global" f_pp_font_size="eyJhbGwiOiIxNSIsInBvcnRyYWl0IjoiMTEifQ==" f_btn_font_weight="700" f_btn_font_size="eyJhbGwiOiIxMyIsInBvcnRyYWl0IjoiMTEifQ==" f_btn_font_transform="uppercase" btn_text="Unlock All" btn_bg="#000000" btn_padd="eyJhbGwiOiIxOCIsImxhbmRzY2FwZSI6IjE0IiwicG9ydHJhaXQiOiIxNCJ9" input_padd="eyJhbGwiOiIxNSIsImxhbmRzY2FwZSI6IjEyIiwicG9ydHJhaXQiOiIxMCJ9" pp_check_color_a="#000000" f_pp_font_weight="600" pp_check_square="#000000" msg_composer="" pp_check_color="rgba(0,0,0,0.56)" msg_succ_radius="0" msg_err_radius="0" input_border="1" f_unsub_font_family="downtown-sans-serif-font_global" f_msg_font_size="eyJhbGwiOiIxMyIsInBvcnRyYWl0IjoiMTIifQ==" f_input_font_size="eyJhbGwiOiIxNCIsInBvcnRyYWl0IjoiMTIifQ==" f_input_font_weight="500" f_msg_font_weight="500" f_unsub_font_weight="500"]

Latest stories

NDN
Latest News
2025 Rivers N1.48 tn Budget Done In Readiness for Fubara's Return -- Ibas[VIDEO] Drama As Oshiomhole, Air Peace Engage in Dirty Spat at Lagos AirportI'm Ready To Forgive Elon Musk..We've to Strengthen the Country, Says TrumpDele Momodu Tells Tinubu: You Can't Say Nigerians are Busybodies, Bystanders to Praise WikeOil Prices Slip Despite U.S.-China TalksDrama As Elon Musk Reverses Self on Trump, Says Criticism Went too farEx-Minister, Essien Blasts Gov Umo Eno For Piling Pressure on Lawmakers to DefectNigeria Not At War Yet Citizens Living Like Refugees In Own Country -- Peter ObiFubara's Sins 'll Be Forgiven Only If... APC2027: I'm Ready To Die For Tinubu's Victory In Abia -- KaluAtiku's Ally, Segun Sowunmi, Hints At Dumping PDP For APC, Says 'I May Likely Leave'Why I Renamed IBB's Govt Built International Conference Centre After Tinubu - WikeMy Soul Has Left PDP, Says MomoduLet’s Go To Party, By Uzor Maxim UzoatuBudget of barbarians, for brigands, by buccaneers
X whatsapp