The Nigeria National Petroleum Corporation (NNPC), spends between $16 million and $20 million on fuel imports daily totaling about $1.8 billion per quarter, says Bello Rabiu, Group Executive Director Upstream of NNPC.
Rabiu, who made the statement while addressing State House Correspondents said that the organization had to rely on importation to satisfy local consumption. He added that import bill depended on both volume and the price and that a cargo of product, about 40 million litres, as at today costs about $13 million to $14 million.
He also said that the country produced about 2.2 million barrels of crude per day but that only about one million belonged to NNPC through 60 per cent equity in the Joint Venture.
Mr. Rabiu also said that the NNPC had allocated 600 trucks of petrol to Independent Petroleum Marketers Association of Nigeria (IPMAN), 500 trucks to Major Oil Markerters Association of Nigeria (MOMAN) and 400 trucks to its sales outlets to ensure adequate supply.
“As you know, we have three segments of marketing fuel in Nigeria, we have IPMAN, the independent marketers, we have MOMAN, the major marketers and we also have NNPC-owned retail. We allocated them trucks on a daily basis to deliver to their own stations.
“Every day, NNPC retail will have 400 trucks, IPMAN, which is the independent marketers across the country are being given 600 trucks and MOMAN, the main marketers who are selling in major cities in the country are having 500 trucks. This is more than what we actually require but we are trying to ensure that everybody is satisfied.”
He also added that the Port Harcourt Refinery is delivering five million litres of petrol everyday (about 120 trucks), which is more than enough for Port Harcourt area and Bayelsa.