The Nigerian National Petroleum Corporation (NNPC) has imported 9.8 mmt of premium motor spirit (PMS) worth US$5.8bn to meet fuel demand in the country
Dr Maikanti Baru, group managing director of NNPC, disclosed this during a public hearing by the Senate Committee on Public Accounts at the National Assembly Complex in Abuja.
Abdulrazaq Isiaka, chief operating officer for finance and accounts at NNPC, stated that the import of fuel aims to meet the domestic demand and ensure that Nigerians do not suffer due to product unavailability.
According to NNPC, the provision of 9.8 mmt of petrol so far has helped in ameliorating the suffering of Nigerians.
Isiaka further added that the corporation’s intervention became necessary following the inability of the major and independent marketers to import the product because of the high landing cost which made cost recovery and profitability difficult owing to the regulated price regime.
NNPC further pointed out the cross-border smuggling due to price disparity between Nigeria and neighbouring countries where a litre of petrol sells above US$0.97 per litre. The company further mentioned the logistic issues in trucking products to different locations across the country which posed challenges in the quest for fuel queue-free situation in Nigeria.
The Chairman Senate Committee on Public Accounts, Matthew Uroghide, noted that the public hearing was a part of the Committee’s duty to find solutions to the problem of fuel scarcity in order to make life easy for all Nigerians.
