NNPC: petrol subsidy now N26 per litre

NNPC: petrol subsidy now N26 per litre

NNPC: petrol subsidy now N26 per litre

Baru said the Federal Government has given approval for preferential and speedy treatment to be given to vessels carrying Premium Motor Spirit (PMS), also called petrol, to end the lingering crisis in Nigeria.

The Nigerian Navy, NPA, Customs and NIMASA are expediting vessel clearance to facilitate speedy product transfers to various depots including weekends and public holidays.

The marketers, which import refined petroleum products, have said they want to officially raise the fuel price to between 200 and 230, claiming the current exchange rate regime (305 naira to the dollar) is not favorable to them and urging the government to sell dollars to them at a subsidized rate instead. Lawal Taofeek, said 24 hour-loading of trucks had begun in earnest at the Company's depot in Lagos.

He said while the NNPC would naturally focus on increasing the volume of products on offer, the DPR, PEF and PPRA have scaled-up monitoring activities to ensure seamless loading and dispensing of fuel nationwide and to specifically ensure deliveries to designated stations and sales at the approved retail price of N145/litre.

"Major marketers were also advised to carry out 24-hour operations, most of whom have been complying", Baru noted.


The GMD noted that over the last two weeks, the national truck out capacity had been beefed up to an average of 1,500 trucks, translated to 52 million litres per day.

The imported products are also being supplemented by supplies from the local refineries.

The president said that he had been assured by the NNPC that the situation would improve significantly over the next few days "as new shipments and supplies are distributed across the country". With the support of security agencies, the team is already working round the clock to ensure a speedy resolution of the current fuel situation.

He made this disclosure when he spoke with newsmen in Abuja on Sunday, adding that due to hoarding and diversion of the product, that its consumption in the country has risen to over 50 million litres per day.

Some fuel stations have been selling petrol for as high as N250 in some states as a result of fuel scarcity and long queues could be seen at those stations.

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