June 22, 2024

Petrol subsidy estimate hits N920.02bn, as nationwide dispatch of PMS balloons to 4.55bn litres in 10 weeks

Oredola Adeola

The total volume of Premium Motor Spirit (PMS) also known as petrol dispatched to every state in Nigeria including the FCT, Abuja, rose to 4,554.54million litres between Saturday, January 28 and Friday, April 7, 2023 (10 weeks), as petrol subsidy deducted by the Nigerian National Petroleum Company Limited (NNPCL) is calculated to have ballooned to N920.02billion in the period under review.

This was based on the latest PMS weekly evacuation and dispatch for week 14, 2023, obtained by EnergyDay on Tuesday.

EnergyDay’s estimate of the petrol subsidy figure for the period under review was based on the N202 per litre paid as subsidy on every litre of PMS consumed in Nigeria, which was recently quoted by Mele Kyari, Group Chief Executive Officer (GCEO) of Nigerian National Petroleum Company Limited, (NNPCL).


A further check by EnergyDay however showed that the subsidy estimate might have accumulated to N1.59 trillion or more for the period under review.

This estimate was based on the N350 per litre quoted by Mrs.Zainab Ahmed, Nigerian Minister of Finance, Budget and National Planning, in a recent statement confirming the plan by outgoing President Buhari to implement oil subsidy removal before the end of his administration on May 29th, 2023.


Further breakdown of the PMS weekly evacuation and dispatch from Saturday, April 1 to Friday, April 7, 2023, (week 14, 2023) showed that the volume of petrol released to the 69 load-out depots reduced to 478.76 million litres from 515.99 ml recorded in week-13.


About 86.50 per cent of all evacuations took place at the 33 top loading depots with a minimum evacuation of 5.09ml by RainOil and a maximum evacuation of 54.62ml at Pinnacle-Lekki. other loading depots evacuated 13.50% of total volume as SALBAS dispatched 4.93ml and CYBERNETICS dispatched 50,000litres.



The nationwide weekly PMS evacuation and dispatch in other major loading depots showed that  NIPCO lifted – 33.68ml, volumes lifted by others are AITEO-25.74ml, 11 PLC- 21.86ml, A.A. RANO 18.02ml,  A.Y.M Shafa Limited -16.59 ml, SHAFA ENERGY- 15.67ml, MATRIC- 13.75, OVH ENERGY- 13.45ml, MASTERS- 12.56ml, TOTAL-OVH JV -12.17ml, TAURUS -11.45ml, PPMC WARRI- 10.94ml, TSL – 10.87ml, MRS LTD- 10.76ml, and PRUDENT- 10.50 ml.

Others are ZAMSON GLOBAL LINK- 9.65ml, MRS PLC- 8.92ml, BIVAS BULK-IBAFON- 8.88ml, DANMARNA PET-8.64ml, ETERNA-8.51ml, LIQUID BULK- 8.07ml, OPTIMA- 7.74ml, TOTAL APAPA- 7.52ml, PINNACLE- 6.67ml, BLOKKS Petroleum- 6.29ml, SOBAZ Nig.Ltd -6.18ml, BOND GLobal – 6.09ml, HONG NIG LTD- 6.05ml, HOGL- 5.95ml, EVERGREEN ENERGY- 5.63ml, and CONOIL LAG-5.63ml.


BOVAS- 4.71ml, ASHARAMI- 4.71ml, EMADEB -4.59ml, NEPAL -4.20ml, NORTHWEST-4.01ml, BLUEFIN- 3.95ml, AIDA ENERGY- 3.33ml, HUDSON- 3.01. STOCKGAP- 2.82ml, SPECIALTY-2.64ml, ROSA-MYSTICA- 1.99ml, MENJ oil- 1.92ml, LADO oil- 1.84ml, AIPEC IBAFON- 1.72ml, RAINOIL LAGOS- 1.67ml, SHEMA PET- 1.63ml, and FYNEFIELD-1.52ml.

Others are TECHNO- 1.24ml, MAINLAND- 1.15ml, GULF TREASURES- 1.10ml, WOSBAB -1.05ml, CHIPET-850,000litres, INEGRATED OIL- 770,000L, AMICABLE -690,000L, ORYX-620,000L, CONOIL PH- 420,000L, COOLSPRING-380,000L, AFRICA- 370,000L, ASCON-200,000L, FIRST ROYAL- 190,000L, AMMASCO-170,000L, KEONAMEX- 140,000L, PARKER OIL -120,000L, and  BONO- 70,000L.




Petrol trucks load out from all the depots reduced to 10,098 in week 14, compared with 10,637 trucks dispatched in week 13.


A total of 1,917 trucks were dispatched in Lagos State, the highest, while 47 trucks were dispatched to Ebonyi State in the period under review.

The average daily evacuation was 68.39 million litres in the week under review