July 23, 2024

NNPCL releases 1.357billion litres of petrol nationwide between Jan. 28, Feb. 17, 2023, incurs N274.3bn subsidy- Report

Oredola Adeola

As fuel scarcity eases across Nigeria, the Nigerian National Petroleum Company Limited (NNPCL) again released a total of 404.69 million litres of Premium Motor Spirit (PMS) also known as petrol, nationwide into the market between February 11 and 17, 2023 (week 7), as it also increased the average daily volume of the product evacuated from all major and minor depots and terminals in the country to 57.81 million litres in seven days.

This was contained in NNPCL’s nationwide weekly PMS evacuation and dispatch report for Week-7, 2023, obtained by EnergyDay on Sunday, in its bid to address the supply gap and distribution challenges attributed as the cause of the nationwide fuel scarcity.

EnergyDay’s breakdown of figure showed that the NNPCL has evacuated a total of 1.357billion litres of petrol nationwide between January 28 and February 17, 2023, (3 weeks), thereby increasing the amount of allocation dedicated to the payment of subsidy for the three weeks to N274.3 billion at N202 per litre of PMS imported into the country.

The N202 per litre is based on Mele Kyari, Group Chief Executive Officer (GCEO) NNPCL’s calculation of the amount earmarked as subsidy for the month.

Speaking during the Official Cutover Ceremony from NNPC to NNPCLimited on Friday, he said that N400 billion petrol subsidy payment on a monthly basis is draining the country’s revenue on crude oil sales.

According to him, based on current data terms, the petrol landing cost was around N315 per litre, as the commodity is released to depots at N113 per litre.

EnergyDay analysis showed that the total volume of petrol evacuated in week 7 from the depots and terminals decreased by 97.52 million litres to 404.69 million litres compared with 502.21 million litres evacuated in Week-6.

83 percent of all evacuation took place at the 27 top loading depots with PINNACLE Lekki recorded the maximum evacuation of 52.80 million litres, even as SHEMA PET recorded a minimum evacuation of 5.04 million litres in the period under review.

The NNPC’s report stated that thirty- seven(37) other loading depots evacuated 17 percent of the total volume, as A.YM SHAFA Limited evacuated 4.78 million, and STALLIONAIRE evacuated 30,000 Litres.



NIPCO -25.23 million litres , Matrix -24.88 million litres, AITEO- 21.37 million litres, 11PLC 19.48 million litres, A.A RANO -16.18million litres, MRS LTD – 15.08 million litres, TOTAL-OVH JV- 11.90million litres, OPTIMA- 10.80 million litres, AIDA ENERGY- 10.76 million litres, TSL -10.69 million litres, NEPAL- 9.77million litres, PPMC Clabar, 9.54 million litres, OTHNIEL – 8.78 million litres and SHAFA ENERGY- 8.20million litres.

Others are TOTAL Apapa -7.83 million litres, AVIDOR- 7,61 million litres, SOBAZ Nigeria Ltd- 7.51million litres, CONOIL LAG- 7.47million litres, PPMC Warri -7.45million litres, FIRST ROYAL- 6,91 million litres, CHIPET- 6.39million litres, NORTHWEST- 6.05 million litres, LADO OIL- 5.89 million litres and FATGBEMS – 5.47million.



ASCON- 4.55 million litres, RAINOIL, LAGOS -4.52million litres, PRUDENT- 4.38million litres, PPMC Ejigbo-4.38 million litre, WABECO- 4.29 million litres, STOCKGAP – 4.29 million litres, BOVAS -4.02 million litres, SPECIALTY -3.47 million litres, TECHNO – 3.19 million litres, ALKANES – 2.72 million litres, MAO- 2.65 million litres, Africa Terminal -2.52, Ocean Pride Depot- 2.24million, T-TIME- 1.95 million litres, KEONAMEX Petroleum, Warri- 1.88 million litres, HOGL- 1.83 million litres, RAINOIL- 1.77million litres, and HONG Nig. Ltd ,Calabar – 1.67million litres.

Others are MENJ Oil- 1.33 million litres, GULF treasures – 1.30 million litres, AMMASCO Petroleum -1.23 million litres, INTEGRATED oil -930,000 litres, SHARON, KOKO- 900,000, FYNEFIELD- 810,00 litres, BONO ENERGY-IBAFON-490,000, PARKER OIL AND GAS -490,000, AIPEC IBAFON -410,000, MASTERS-350,000 litres, CYBERNETICS – 250,000litres, EMADEB- 90,000 litres, BOND GLOBAL- 70,000litres, WOSBAB- 50,000 litres, SALBAS- 50,000 litres and ASHARAMI SYNERGY- 30,000 litres.



A total of 9,383 trucks were dispatched across the country. Lagos state received 1,962 petrol tankers (being the state with the highest supply), followed by Abuja, FCT 731 tankers, while Ebonyi State registered only 26 tankers of PMS, recorded as the lowest dispatched in the period under review.