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FG to pay N40.70 on every litre of petrol to retain N145

FG to pay N40.70 on every litre of petrol to retain N145

NNPC Group Managing Director, Maikanti Baru disclosed the new level of subsidy as the corporation and sister organisations turned the supply of fuel into a war room affair.

Clearance of fuel vessels and anchorage services are expedited to facilitate speedy product transfers to various depots, including during weekends and public holidays by the Navy, Nigerian Ports Authority (NPA), Customs and Excise and the Nigerian Maritime Administration and Safety Agency (NIMASA).

The supplies are mostly from cargoes of PMS imported by NNPC which are daily berthing and immediately being made to discharge their products to stem the supply hiccups.

"The landing cost comprising CIF (cost, insurance and freight) of petrol as of last Friday was in the neighbourhood of $620 per metric tonne, so with the official exchange rate of N305 to the dollar, the landing cost should be N171.40 per litre". Lawal Taofeek, said 24 hour-loading of trucks had begun in earnest at the Company's depot in Lagos.

He said the NNPC had instructed a 24 hours loading and sales operations at all its depots and Mega stations and also advised major marketers to carry out 24 hours operations too. "This has increased load-out from the depots significantly and continuous sales at the filling stations nationwide".

According to him, the delivery is well above the normal consumption requirement of between 27 to 28 million litres per day.

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As the scarcity persists across the country, motorists are buying petrol at between N300 and N350 per litre as against N145 per litre approved by the government.

Representatives of DPR, PEF and PPPRA at the conference registered their agencies' resolve to work with the NNPC to restore sanity in the supply and distribution of petroleum products.

Baru said the landing cost of petrol is now N171 per litre.

He explained that with all these measures, and if full compliance is achieved, the crisis would end within the next two days, adding that efforts have been put in place to ensure the crisis did not go beyond this week.

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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