NEWSLETTEROIL & GAS

Fuel Scarcity: 166.91million Litres of Petrol Stuck in Depots

Findings have revealed that about 166.91 million litres of premium motor spirit, PMS, also known as petrol, are stuck in various depots in Lagos.

This situation has given rise to the resurgence of long queues at filling stations in Lagos metropolis and other parts of the country.

The Nigerian National Petroleum Corporation, NNPC, and its downstream subsidiary, Pipelines and Products Marketing Company, PPMC, are being blamed for the current petrol shortages because of a loading directive not exceeding 50 trucks daily given to the depots.

Investigations revealed that of an opening stock level of 140.48 million litres of petrol available in 31 depots in the Lagos area yesterday, only 6.09 million litres were loaded out.

This leaves an outstanding of about 135 million litres stuck in the depots, which had increased to about 166.91 million litres closing stock at press time.

Further analysis shows that of the 59 depots operated by majors, independents and private owners in Lagos, 31 had the available stock quantity, but only 16 depots had “liftable” PMS, that is, had enough stock above the jet stock level or above minimum requirement levels.

Trucks loading further investigations revealed that most of the depots being used by NNPC/PPMC for throughput or storage purposes were directed not to load above 50 trucks daily, thus compounding the shortages situation, a development that some depots operators cashed in to sell at N105/litre ex-depot, against government’s prescribed N77 per litre

 

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