May 25, 2024

Petrol subsidy hits N634.64billion in 7 weeks, as NNPC GCEO, Finance Minister give conflicting figures

Oredola Adeola

The Nigerian Government’s spending on subsiding consumption of Premium Motor Spirit (PMS) also known as petrol, has hit N634.64 billion between Saturday, January 28 and Friday, March 17, 2023.

The analysis by EnergyDay was based on the N202 per litre subsidy estimate recently quoted by Mele Kyari, Group Chief Executive Officer (GCEO) of Nigerian National Petroleum Company Limited, (NNPCL).

Further findings showed that the subsidy estimate is likely to have been up to N1.1trillion within the seven weeks, based on N350/litre quoted by Mrs Zainab Ahmed, Nigerian Minister of Finance, Budget and National Planning, last week, when she paid a courtesy visit to Voice of Nigeria (VON) headquarters in Abuja.

According to the NNPCL’s PMS weekly evacuation and dispatch for week 11, 2023, the volume of PMS dispatched to the 64 load-out depots dropped to 488.94 million litres(ml) from 558.83ml recorded in week-10.

The weekly report however showed that 10,048 PMS trucks evacuated a total volume of 488.94million litres to all the states in the country from the depots.

WEEKLY PMS EVACUATION/DISPATCH FOR WEEK 11, 2023

The nationwide weekly PMS evacuation and dispatch for week-11, 2023, showed that 84% of 488.94 million litres of PMS was evacuated from 29 top loading depots, with Pinnacle Lekki loading over 56 million litres, while TOTAL Apapa loaded 5.58 million litres.

The 35 other loading depots evacuated 16 per cent of the total volume for the period under review, out of which INTEGRATED OIL received a total of 4.88 million litres(ml), the highest and WABECO received 20,000litres of PMS being the lowest in the period under review.

LOAD-OUT FROM 29 TOP LOADING DEPOTS

The breakdown of the volume of product evacuated from the 29 top loading depots includes NIPCO- 30.44ml, 11Plc- 28.85, BLUEFIN -26.50ml, AITEO- 21.71ml, ZAMSON- 18.97ml, A.A RANO -15.45ml, DANMARNA PET- 14.87ml, MRS LTD – 14.81ml, TOTAL -OVH JV- 14.54ml, CONOIL LAG – 14.06ml , OVH ENERGY – 11.89ml, SHAFA ENERGY- 11.05ml, and A.Y.M SHAFA -10.53ml,

Others are OPTIMA- 10.49ml, MRS Plc- 10.45ml, BOVAS- 10.02ml, HUDSON-9.35ml, LIQUID BULK- 8.65ml, TAURUS -7.92ml, PRUDENT -7.87ml, AMICABLE- 7.42ml, PARKER OIL -7.01ml, CONOIL PH -6.91ml, AIPEC IBAFON- 6.35ml, STOCKGAP- 6.23ml, and MASTERS- 6.11ml.

LOAD-OUT FROM 35 TOP LOADING DEPOTS

PINNACLE – 4.79ml, BONO ENERGY-4.85ml, HOGL – 4.64ml, ROSA MYSTICA – 4.64ml, A&E -3.98ml, OCEAN PRIDE- 3.73ml, ETERNA- 3.72ml, EMADEB- 3.65ml, NEPAL- 3.53ml, MENJ OIL – 3.38ml, SPECIALTY- 3.05ml, MAINLAND- 2.96ml, RAINOIL Lagos- 2.94ml, TSL-2.77ml, AIDA Energy- 2.44ml, and RAINOIL- 2.24ml.

Others are COOLSPRING- 1.93ml, FYNEFIELD- 1.78ml, ASCON-1.73 ml, AFRICA – 1.67ml, KEONAMEX- 1.29ml, ALKANES- 1.12ml, ORYX- 1.11ml, AMMASCO- 1.09ml, GULF TREASURES – 1ml, SALBAS- 910,000litres, TECHNO- 760,000litres, SHARON, KOKO-660,000litres, PPMC WARRI -620,000litres, CYBERNETICS – 590,000litres, WOSBAB- 420,000litres, FIRST ROYAL – 390,000 litres, and AVIDOR-160,000 litres.