Petrol subsidy hits N424bn, as Nigerians consume 2.1 bn litres of PMS between Feb 11, March 4, 2023
The latest data released by the Nigerian National Petroleum Company Limited (NNPCL) has shown that Nigeria has incurred a total estimate of N424 billion as subsidy, following the successful evacuation of 2.1billion litres of Premium Motor Spirit (PMS) also known as petrol, nationwide into the market between February 11 and March 4, 2023.
EnergyDay arrived at this figure based on the estimate of N202 set aside as subsidy on every litre of petrol distributed nationwide, recently quoted by Mele Kyari, Group Chief Executive Officer (GCEO) NNPCL during the official cutover ceremony from NNPC to NNPC Limited.
However, the NNCPL in a statement released by Garba-Deen Muhammad, the Chief Corporate Communications Officer, of NNPCL, said its latest updates showed a total of 2.1 billion litres of Premium Motor Spirit (PMS) stock, representing 0.9 billion litres in all the land depots nationwide and 1.2 billion litres on marine vessels which were equivalent to 35 days sufficiency as of March 4, 2023.
Meanwhile the NNPCL’s nationwide weekly PMS evacuation and dispatch report from February 25 to March 3, 2023, obtained by EnergyDay on Sunday, showed that the total volume of petrol evacuated in week 9, 2023, from the depots and terminals dropped to 339.54 million litres compared with 439.1 million litres evacuated in Week-8, 2023.
About 79 per cent of all evacuations took place at the 25 top loading depots with a minimum evacuation of 5 million litres at HOGL and a maximum of 30.60 million litres at Pinnacle Lekki.
The data showed that a total of 28 other loading depots evacuated 21 per cent of the total volume Ocean Pride evacuated 2.96 million and ASCON evacuated only 30,000 litres in the period under review.
NIPCO -20.92 million litres , Matrix -20.89 million litres, 11PLC 18.69 million litres, AITEO -16.70 million litres, BOVAS BULK -12.24ml, CONOIL LAG- 11.50ml, MRS LTD- 11.17ml, PPMC Warri -10.3ml, DANMARNA PET -10.12ml, SALBAS- 9.52ml, MRS PLC- 9.02ml, TSL- 8.97ml, MASTERS- 8.81ml, TOTAL-OVH JV -8.57ml, A &E -7.61ml, PRUDENT- 7.24ml, A.A RANO – 6.51ml, RAINOIL- 6.16ml, TOTAL Apapa – 6.08ml, PARKER oil – 6.03ml, and TAURUS- 5.92ml.
Others are EMADEB- 5.42ml, BLUEFIN- 5.40ml, OVH Energy -5ml, BOVAS -4.33ml, AMICABLE- 4.31ml, SPECIALTY- 4.13ml, HONG Nig. Ltd -3.64ml, RAINOIL Lagos- 3.62ml, CONOIL PH- 3,57, ROSA MYSTICA -3.44ml, ETERNA- 3.44ml, and ALKANES- 3.17ml.
OTHER LOAD-OUT DEPOTS:
Africa Terminal – 2.74ml, PPMC Ejigbo- 2.65ml, SHAFA Energy- 2.47ml, AYM Shafa- 2.37ml, OPTIMA- 2.34ml, Liquid Bulk- 2.21ml, KEONAMEX- 2.18ml, MENJ Oil- 2.01ml, FYNEFIELD – 2ml, CHIPET- 1.74ml, AVIDOR- 1.46ml, STOCKGAP -1.24ml, INTEGRATED OIL- 840,000Litres, Gulf treasures- 710,000Litres, and SOBAZ Nig. Ltd -500,000litres.
Others are TECHNO- 500,000litres, SHEMA PET -450,000l, MAINLAND – 390,000litres, WABECO – 380,000litre, MAO – 360,000 litres, First Royal-360,000Litres, AIPEC IBAFON -210,000Litres, AMMASCO -140,000 litres, NORTHWEST -130,000litres, LADO OIL – 130,000, and T-TIME- 70,000 litres.
TRUCKS DISPATCHED TO STATES
A total of 8,362 trucks were dispatched nationwide Lagos state received 1,726 petrol tankers (being the state with the highest supply), followed by Abuja, FCT 610 ankers, while Ebonyi State registered only 16 tankers of PMS, recorded as the lowest dispatched in the period under review.
NNPCL’s average daily evacuation for the week in view was 48.5 million litres, compared with the average daily evacuation figure for week 8, 2023 which was 62.73 million litres.
As part of the response to the return of fuel queues and scarcity in FCT and other states, the NNPCL revealed that it has 12 daily supplies equivalent to 700 million litres in stock.
Zainab Ahmed, Finance Minister in January 2023, disclosed that Nigeria will retain petrol subsidy until mid-2023, having set aside N3.36 trillion ($7.5 bln) on subsidizing the petroleum product for Nigerian consumers.
The President-elect, Bola Tinubu had promised in his Renewed Hope agenda released in 2022, promised to remove the controversial fuel subsidy, which he said would be used to service social welfare programmes including the provision of infrastructure, agriculture to help Nigerian ease off the burden of the subsidy removal with the plan to complete the rehabilitation of the country’s refineries.