NNPC Has 1.8bn Litres of Petrol in Stock –Official
Mele Kyari, GCEO NNPC Ltd

NNPC Has 1.8bn Litres of Petrol in Stock –Official

Amidst scarcity in the local economy, the Nigerian National Petroleum Company Limited says it has 1.805 billion litres of petrol in stock. Its spokesman, Malam Garbadeen Muhammad, stated in Abuja on Monday that the volume of petrol in stock would last for 30 days.

He explained that 805.35 million litres of the product were in depots nationwide, while one billion litres were still inside vessels. He added that in an effort to ensure steady supply NNPC Ltd. placed a robust plan for the supply of petrol from mid-February to March 2023.

“An additional petrol supply of 884 million litres is also expected by Feb. 28. For March 2023, a total of 2.3 billion litres of petrol is expected, while about 2.5 billion litres, equivalent to 42 days sufficiency, will be the closing stock for the month,’’ Muhammad stated.

Theft, pipeline vandalism responsible for crude losses — Sylva

In a related development, the Minister of State Petroleum Resources, Chief Timipre Sylva has attributed loss of revenue from crude production to theft, pipeline vandalism and decayed infrastructure.

The minister, in a statement on Monday by his Senior Adviser, Media and Communications, Horatius Egua said in spite the challenges, the Federal Government was determined to end the trend.

Sylva said the Federal Government was determined to end the trend through improved investments and security along the major oil and gas pipelines in Niger Delta region.

According to him, contrary to reports that about 40 per cent of the volumes of crude losses are due to measurement inaccuracies, adding that major sources of crude oil losses were theft, pipeline vandalism and production deferment as a result of pipeline non-availability.

“It is a known fact that the major losses of crude oil in the country have been through theft and destruction of oil pipelines.

“Again, we also know that some of the oil infrastructures are old and decayed and cannot perform at maximum capacity.

“And there is also the issue of lack of investments in fossil fuel in the country and the drive towards renewable energy has really hampered new investments in this sector,” he said.

The minister said the government had put measures in place to restore sanity in the sector.

He added that contrary to the report, the problem associated with crude oil losses are systemic issues that the government was already handling with a view to finding permanent solutions.

Sylva, therefore, urged the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) and the Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) to harmoniously work together.

This, he said, would ensure that the constraints and impeding challenges in the optimal crude oil production volume were speedily addressed to boost national revenue.

According to him, the Federal Government cannot continue to lose revenue through perceived lapses in crude oil production, especially at this very critical period of scarce revenue for the nation.

The minister said that this was not the time to dwell on the mistakes of the past or engaged in needless blame games but a time to work to close all existing leakages to enable government to get maximum benefits from its crude oil and gas assets.

While expressing satisfaction at the improved security along the major oil pipelines in the region, Sylva called for sustained efforts by all concerned to maintain maximum crude oil production.

“We are very confident that Nigeria will achieve two million barrels per day crude oil production target very soon.

“The government is doing everything possible to get to where we should be and everyone is working hard to achieve this,” the minister said. #NNPC Has 1.8bn Litres of Petrol in Stock –Official

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