We Have 1.2b Litres Of Petrol In Stock –NNPC | Independent Newspapers Limited
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We Have 1.2b Litres Of Petrol In Stock –NNPC

Posted: May 8, 2015 at 2:11 am   /   by   /   comments (0)

By Phillip Oladunjoye,  Lagos


Despite the lingering fuel scarcity and long queues at the few filling stations dispensing to customers, the Nigerian National Petroleum Corporation (NNPC) and its downstream subsidiary, the Pipelines and Products Marketing Company (PPMC), on Thursday said it has 1.2 billion litres of premium motor spirit (PMS), otherwise known as petrol, in stock.

This, it said, translates to 31 days supply, going by the 40 million daily consumption of the product in the country.

Managing Director of PPMC, Prince Haruna Momoh, who spoke in Abuja, further said 21 additional vessels laden with petroleum products are offshore Lagos waiting to berth.

He added that the NNPC has made adequate arrangements to ensure energy sufficiency in the country, reassuring motorists that the noticeable queues at filling stations would thin out in the days ahead.

Prince Momoh noted that the NNPC also has 21 days sufficiency of Automative Gas Oil (AGO), also known as diesel, and 18 days sufficiency of Dual Purpose Kerosene (DPK) or kerosene.

Continuing, he said as part of efforts to ensure petroleum products sufficiency and distribution, the NNPC embarked on aggressive Reception Depots rehabilitation in 2011, following which “as at today, 18 depots out of the 23 depots have been fully recovered with the exception of Makurdi, Yola and Maiduguri, due to the activities of pipeline vandals.”

The PPMC MD disclosed that the Corporation suffered petroleum products losses worth N40.8 billion through pipeline vandalism in 2014 stressing that no business could survive such a loss and still remain a going concern.

Even then, he said there was a marginal increase in pipeline vandalism, stressing that in 2013, the Corporation recorded 3,517 vandalised points, which rose in 2014 to 3,774.

He observed that as at today, 97 pipeline vandals are undergoing prosecution, lamenting the inability to convict any of the accused persons for economic sabotage since the cases started a few years ago.

He called on all Nigerians, especially those living in communities where the pipelines run through, to protect them in national interest.