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Fed Govt Slightly Reverse The Price of PMS

Queue at the filing station  The President,  Petroleum Products Retailers Owners of Nigeria( PETROAN), Dr Billy Gills Harry, says the reduction of the product, by the Nigerian National Petroleum Company Limited( NNPCL) is good for the nation'struggling economy, as it would help in soften the difficult situations posed by the sharp rise in the price of petroleum products. While reacting to the issue through a statement issued and signed to the NEWSMIRROR yesterday, Harry said that the slight reversal of the price by NNPCL shows that the government is committed to the alleviation of the problems of the masses. According to him, the reduction in the price per litre of Petrol Motoring Spirit( PMS) from N1,020 per litre to N899 per litre is good, adding that the country will soon get over its problem, if the readjustment of the economy continues. Also, PETROAN's Public Relation Officer, Dr  Joseph Obele said that Dangote Petroleum Refinery had earlier started the r...
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How 116.46 m litres fuel stolen in 2021, says NNPC

By Akinola Ajibade 

Details have emerged how N15billion worth of Petroleum Premium Spirit (PNS) otherwise known as petrol imported into the country was stolen.

According to the Nigerian National Petroleum Company NNPC) Limited, which is the sole importer of fuel into the  country, the product estimated to worth n18.86billon was stolen in 2021. 

In the Data obtained from different reports obtained from NNPC the products were lost through four pipeline segments , including Atlas Cove Modimi, Atlas Cove Idimu, Satellite, Mosimi-Ibadan, Mosimi Ibadan and Port Harcourt.

The reports further show that the multiple avenues through which the products disappeared made it difficult  to discover early enough, such the fuel regulatory authorities are unable to trace exactly where the products were diverged.

' " The products were lost through four pipeline segments including Atlas Cove-Mosimi and Atlas Cove-Idimu-Satellite, Mosimi-Ibadan, Ibadan-Ilorin and Port Harcourt-Aba. Also, the products were lost between January to December 2021, coupled with fact that  their desired destinations could not be ascertained." the reports said 

Giving the breakdown of how the petroleum products was stolen, the National Oil Company ( NOC) in the reports said that a total of 371 million litres of petrol was lost through three pipeline segment, excluding that of Port Harcourt-Aba, as there was no pumping operation on the line in January.

It added that the -ex-ddepot price of pettol , was N143.17/litres, a development, which implies that the worth of petrol stolen in January 2021 was N943.92m.

In the months of February, March and April 2021, the oil firm lost 5.317 million litres, 5.722 million litres and 7.366 million litres of petrol, valued at N787.88m, N855.28m and N1.09bn respectively.

In May, June and July 2021, NNPC lost 14.157 million litres, 10.585 million litres and 9.329 million litres of petrol respectively.

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