Sunday, September 25, 2022
HomeEconomyFuel Subsidy/ Supply: NNPC ready for forensic audit

Fuel Subsidy/ Supply: NNPC ready for forensic audit

The Nigerian National Petroleum Company Limited (NNPC Ltd) has offered to submit itself for a forensic audit of fuel supply and subsidy management, insisting that the daily fuel supply is 68 million litres.

The NNPC made this known on Sunday in a statement signed by Malam Garba Muhammad, Group General Manager, Group Public Affairs Division, NNPC.

Muhammad said between January and August 2022, the total volume of Premium Motor Spirit (PMS) imported into the country was 16.46 billion litres, which translated to an average supply of 68 million litres per day.

Similarly, he said that import in the year 2021 was 22.35 billion litres, which translated to an average supply of 61 million litres per day.

“The average daily evacuation (depot truck out) from January to August 2022 stands at 67 million litres per day as reported by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA).

“While daily evacuation (depot load outs) records of the NMDPRA do carry daily oscillation ranging from as low as four million litres to as high as 100 million litres per day,” he said.

“The combination of these cost elements translates to retail pump price of N462/litre, an average subsidy of N297/litre and an annual estimate of N6.5 trillion on the assumption of 60 million litres daily PMS supply.

“The agencies include the Nigerian Ports Authority, NMDPRA, Nigerian Navy, Nigeria Customs Service, NIMASA and all others,” Muhammad said.

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