Tuesday , November 24 2020

Nigerians Spend N2.7trn On 18billion Liters Of Petrol In 12 Months

Nigerians spent N2.7 trillion last year on the consumption of Premium Motor Spirit (PMS) Petrol, according to figures released by the Petroleum Products Pricing Regulatory Agency (PPPRA). 

The agency said that 18,623,992,092 litres of the product (also known as petrol) were supplied to the domestic market as at November 2019, adding that the average sufficiency of the product stood at 40.68 days.

The executive secretary of the agency, Abdulkadir Saidu, who spoke on the report, emphasised the need for enhanced private participation in the refining business and the revamping of the country’s refineries for better output.

Saidu said that 1,612 vessels laden with petroleum products docked in Nigerian waters during the period under review.

A breakdown of the report on marketers’ performance showed that the Nigerian National Petroleum Corporation (NNPC) was responsible for 99.61 per cent of the total 19,175,737,226 litres of petrol that was imported while Major Oil Marketers of Nigeria (MOMAN) imported only 0.39 per cent in 2019.

On the other hand, 166,332,185 litres of Petrol were produced locally during year.

According to the PPPRA report, the petroleum products imported into the country were 4,586,878,439 litres of AGO, 128,110,313 litres of HHK, 951,769 084 litres of ATK, 306,791,987 litres of Base Oil, 125,561,557 litres of bitumen and 45,980,957 litres of LFPO.

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Saidu said that the fiscalisation of imported products was efficiently carried out at sea ports by recognised cargo inspectors in conjunction with the PPPRA field officials at sea ports.

The PPPRA helmsman commended the efforts of some marketers at sustaining the continuous development of the sector despite the inherent global economic challenges. This, he said, was evident in the number of new facilities that emerged in the downstream subsector of the petroleum industry in 2019.

Saidu promised that the agency would continue to ensure transparency in the oil and gas value chain by making available reliable data to strategic government agencies such as NEITI, the CBN and NBS for adequate planning and decision-making.

He said: ‘‘The agency will also continue to collaborate with the NNPC and other oil marketing companies towards improving the regulatory environment as well as ensuring uninterrupted products availability.

Meanwhile, oil prices increased to their highest in months yesterday after Iran attacked American forces in Iraq in response to a United States (US) strike that killed an Iranian general last week, raising the spectre of a spiraling conflict and disrupted oil supplies.

But prices relaxed a fraction after the early heat as analysts said that market tension could ease as long as oil production facilities remain unaffected by attacks. Brent crude futures rose $1.56 or 2.3 per cent to $69.83 after earlier rising to $71.75, the highest since mid-September 2019.

West Texas Intermediate crude futures climbed $1.25 or 2 per cent to $63.95 a barrel. It earlier reached a high of $65.85, the most since late April last year.

Iran’s missile attack on US-led forces in Iraq came early yesterday, hours after the funeral of Qassem Soleimani, the commander of the country’s elite Quds Force killed in a US drone on January 3.

Tehran fired more than a dozen ballistic missiles from Iranian territory against at least two Iraqi military bases hosting US-led coalition personnel, the American military said on Tuesday.

“It’s getting really serious but there is a feeling of achievement in terms of technical charts as Brent has surged to above $70/barrel and near a high in September 2019 after attacks on Saudi Arabian oil sites,” an analyst at Sunward Trading in Tokyo, Hideshi Matsunaga, said.

“We have to see how much and what damage the latest attacks have caused, but oil markets may come down, just like last September, if we can confirm that oil facilities have not been affected,” he added.

About Bukola Olanrewaju

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