136.7m Litres of PMS Imported in One Day – Report
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The Nigerian National Petroleum Company Limited (NNPCL) imported 136.7 million litres of premium motor spirit (PMS) in a single day as importation of refined petroleum products persists, Daily Trust can report.
A document sighted by Daily Trust showed that the product arrived into the country on Monday, 10th February.
This is just as checks by Daily Trust Tuesday showed that fuel prices came down marginally at some filling stations in Lagos with a litre going as low as N925 per litre.
Daily Trust reports that large scale importation of refined petroleum products continued despite Nigeria’s local refining capacity through the revived government refineries in Port Harcourt and Warri as well as private refineries like the $20bn Dangote Refinery.
In December 2024, the NNPC announced the resumption of refining operation for the 125,000 barrels per day (bpd) Warri Refinery and Petrochemical Company (WRPC).
This came a few weeks after Port Harcourt Refinery was also said to have resumed refining operations after decades of inactivity.
Motor Tanker vessels report document reviewed by our correspondent indicated that NNPCL spent over N126.5 billion to import more than 136.7 million litres of PMS in a single day.
The motor tanker vessels report which tracks the cargo tanks entering the country, indicated that NNPCL imported 102,000 metric tonnes of PMS on Monday, 10th February which roughly translates to 136,782,000 litres of petrol.
The products were imported through Lagos ports. The document showed that 37,000 metric tonnes were transported by the Kriti Bay and Kouris ships via the ASPM terminal, while another 28,000 metric tonnes were brought in by the Hapnia Andre ship through the PWA/BOP/NOJ terminal.
At the current N925 landing cost, NNPCL would have spent N126,523,350,000 to import the petrol in a single day, despite recent claims that the Port Harcourt and Warri refineries had resumed refining operations.
Some stakeholders and industry players said Nigeria should not be importing this much if truly the government refineries are now working.
“Besides why are we importing this much when our daily consumption is just 30 million litres. We really need to probe this to really have a true picture of what is happening,” a source said.
Another industry player said, “There is a lot that is not true. You all don’t question anything coming from the refineries. You think everything is true?
Dr. Ayodele Oni, an energy expert in a chat with our correspondent, said given recent advancements in domestic refining capabilities, highlighted by the operational or near-operational status of refineries at Dangote, Port Harcourt, and Warri, this situation sparks concerns.
He said, “By February 2025, the Dangote refinery, designed for 650,000 barrels daily, is functioning at 85% and aims for full capacity within a month. Active since September 2024, it’s producing various fuels, including pms (colloquially referred to as petrol). However, local crude oil access issues compel temporary fuel imports for its operation.
“Regarding Port Harcourt and Warri, the official announcement about the kickoff of operations at Port Harcourt (210,000 barrels per day) and Warri (125,000 barrels per day) promised a combined 335,000 barrels daily output. Yet, their operational efficiency seems troubled.
“Despite the presence of these three refineries, operational challenges persistently hinder their output effectiveness. Steady access to crude oil remains problematic; for example, the Dangote Refinery’s struggle to source adequate local crude has necessitated temporary imports. Additional factors prompting this include market forces, demand dynamics, and existing contractual commitments.
“Ultimately, while these fuel imports raise issues, it’s critical to comprehensively assess Nigeria’s fuel production capabilities, the current demand, and whether NNPCL’s strategy offers a more viable solution.”
Meanwhile checks by Daily Trust on Tuesday indicated that fuel prices are easing at some filling stations with MRS selling the cheapest at N925 per litre.
MRS is in partnership with Dangote Refineries which recently reduced its ex-depot price from N950 to N890 per litre.
Apart from MRS, Mobil also reduced its price from N960 to N940; SGR at N953.
A commercial driver, Ajani Monsuru, who spoke with our correspondent said the reduction is not significant, adding that motorists would only see relief when fuel prices crash below N900.
Source: Daily Trust
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