NNPC loses N350 million daily at the current estimated daily domestic consumption of 35 million litres of petrol. This translates to N8 and N10 per litre at a coastal price of N126.63 per litre. Reports also indicated that none of the 12 depots that had petrol at the weekend, including those doing throughput with NNPC, was selling at the official ex-depot price of N133.28.
Investigations by THISDAY further revealed that for both NNPC and the marketers to import petrol and sell at the official price without incurring losses, the appropriate pump price should be N155 per litre.
At the weekend, NNPC spokesman, Mr. Ndu Ughamadu said that the corporation has not said it was subsidising petrol, stressing that even though the corporation also plays the role of a social supplier of products in periods of national challenges, there was no room for corruption under the present management.
Ughamadu said to end the persistent fuel crisis that reared its head each time marketers stopped importation in the past, the Group Managing Director of the corporation, Dr. Maikanti Baru has reactivated some of the 21 NNPC depots across the country to ensure that products are pumped into the facilities via pipelines.
On concerns being raised that the losses being absorbed by the corporation could fuel allegations of corruption in the future, Ughamadu said there was no room for corruption under the present NNPC management. He said NNPC’s management, with the support of the federal government, had contained pipeline vandalism and brought many of the 21 depots back to operation, thus averting the fuel crisis that occurred each time marketers stopped importation.
Also, according to the Chairman of the Major Oil Marketers Association of Nigeria (MOMAN), Mr. Akin Akinfemiwa, the complete liberalisation of the downstream sector would ensure the realisation of a potential turnover of $5 billion in downstream sector and boost investments. Akinfemiwa, who is also the Group Chief Executive Officer of Forte Oil Plc, recalled that even before the federal government introduced the subsidy scheme, Ascon Oil Limited, Sahara Energy and Ocean and Oil (now Oando), had joined NNPC to import petroleum products into the country.
He added that at a point during the subsidy regime, private marketers accounted for 60 per cent of importation of products, stressing that the private sector was always ready to play its role.
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