Connect with us
ANE Scholarship
Categories:

Business

NNPC: Oyo, Ogun Lead In Daily Petrol Consumption

Published

on

Oil Petroleum
Share this post:

The Group Managing Director of the Nigerian National Petroleum Company (NNPC), Mele Kyari has disclosed that Oyo and Ogun States consume more Premium Motor Spirits (PMS) known as petrol that any other state in the country.

He hinted that the product may be going through these States, which he said have porous borders, to neighbouring countries.

He also informed N3.4 trillion is the required fuel subsidy for the 66.7 million litre of Premium Motor Spirit (PMS) daily consumption against the N4 trillion approved in this year’s Appropriation Act.

He said: “States that consume the most are states like Oyo and Ogun State, they even consume more than Lagos State, so you wonder, is it that they have more vehicles than Lagos. This explains that these are States with porous borders and that will explain why this bulk evacuation is going out of Oyo and Ogun States, probably to neighboring countries.”

Kyari spoke at the resumed investigative hearing into the subsidy regime from 2013 to 2021 held by the House of Representatives Ad-hoc Committee headed by Hon. Ibrahim Mustapha.

Kyari said the country, which produced 2.3mbpd before Covid-19, currently produces between 1.6mbpd and 1.2mbpd against 1.8mbpd approved by Organization of Petroleum Exporting Countries (OPEC).

Kyari, who was represented by the company’s Chief Financial Officer, Mr. Umar Ajia said: “We have about 1.6 billion litres incoming, land and marine. This is what is the minimum level we have to maintain, especially as we approach winter. Most of the refineries that we procure are actually shutting down their operations because of the clamour for green energy and COP26 compliance.

“Even gas that is transition fuel for us is being given 8 years. Of course, we do not agree. When you look at PMS outlook, we won’t be closing each and every month with a 2 billion closing stock. That is the only way you can sustain petroleum so that the marketer do not see some slack and take advantage by begin to hoard product that can create artificial scarcity which can lead to queue.

“There is a huge arbitrage for anybody to move product to outside. We are not saying that bulk of the product is smuggled. The reality is that there is no study to validate the actual consumption. What we are reporting daily is what the authority, which is the regulator publishes. They are represented at every depot in Nigeria.

“Exchange rate has been moving steadily from N195.5 per dollar to now N390.6 to a dollar, on average. The subsidy scheme is two ways, the foreign exchange subsidy and price.

“The shipping cost has doubled, therefore, the landing cost of PMS has moved from N87 per litre in 2015 to about N327.68 per litre today. When you compare it to what we are sell, you have a N209 on every litre. When you multiply the N209 per litre with an average of 66.7 million litre, you are talking about N3.4 trillion subsidy for the year. As you recall, in the 2022 appropriation, the National Assembly.

“The reality today is that if one were to take statistic of the number of vehicles in Nigeria, how many Keke Napep do we have? How many pumping machine, how many pumping machines do we have. On a routine visit, I saw nothing less than a million Keke, take an average that each one uses 4 litres every day, that is 4 million litres, one city.

“We have not done a study to validate, people are saying that how is it that we are evacuating 66 million a day, that is the reality. Some days, what is evacuated can go as much as 100 million a day, while some weekends, we do zero. The marketers are watching.”


Get More Stories Like This On: Facebook: @AllNaijaEntertainment, Twitter: @AllNaijaEntertainment

Your daily horoscope for Monday, July 25, 2022
Horoscope11 hours ago

Your daily horoscope for Wednesday, September 28, 2022

Lagos monarch jailed 15 years for faking kidnap
News12 hours ago

Lagos monarch jailed 15 years for faking kidnap

News12 hours ago

Man threatens to commit suicide

News12 hours ago

Court remands old man for allegedly defiling 4-year-old girl

Watch this walking table with 12 legs
Technology12 hours ago

Watch this walking table with 12 legs

Russia expecting answer from Apple for blocking its largest social media app
Technology13 hours ago

Russia expecting answer from Apple for blocking its largest social media app

US Embassy warns Americans should leave Russia
News13 hours ago

US Embassy warns Americans should leave Russia

Chelsea made a mistake over Conor Gallagher – Glen Johnson
Sports13 hours ago

Chelsea made a mistake over Conor Gallagher – Glen Johnson

Mikael Silvestre explains why Arsenal could be in trouble for north London derby
Sports13 hours ago

Mikael Silvestre explains why Arsenal could be in trouble for north London derby

Graham Potter created a ‘problem’ with Raheem Sterling at Chelsea – William Gallas
Sports14 hours ago

Graham Potter created a ‘problem’ with Raheem Sterling at Chelsea – William Gallas

Christian Pulisic ready to ‘prove himself’ under Graham Potter
Sports14 hours ago

Christian Pulisic ready to ‘prove himself’ under Graham Potter

Tiwa Savage performs her brand-new single with Major Lazer at Paris Fashion Week
Entertainment14 hours ago

Tiwa Savage performs her brand-new single with Major Lazer at Paris Fashion Week

Victony, Tems, Oxlade amongst featured artists on Show Dem Camp's 'PalmWine Music III'
Entertainment15 hours ago

Victony, Tems, Oxlade amongst featured artists on Show Dem Camp’s ‘PalmWine Music III’

Entertainment15 hours ago

I am bl**dy proud of myself – DJ Cuppy

Entertainment15 hours ago

Reekado Banks loses his mom

Sports1 day ago

Xavi: 18-year-old Roman Vega Joins Barcelona’s First-team Training

Davido spotted in the studio with 'Chance the Rapper'
Entertainment2 days ago

Davido spotted in the studio with ‘Chance the Rapper’

Group confronts Ohanaeze youths over Soludo’s anti-Igbo comments
News2 days ago

Group confronts Ohanaeze youths over Soludo’s anti-Igbo comments

News2 days ago

Troops detain 2 alleged kidnappers, rescue 5 victims in A’Ibom

News2 days ago

Auto crash in Niger, two people died, eight injured

80% road traffic accidents caused by human error – Shehu Mohammed
News2 days ago

80% road traffic accidents caused by human error – Shehu Mohammed

News2 days ago

APC indefinitely postpones commencement of campaign

Tony Bellew urges Anthony Joshua to reject Tyson Fury’s 60-40 offer – AJ is the biggest draw in the heavyweight division!
Sports2 days ago

Tyson Fury slams Anthony Joshua ‘Coward’

Gareth Southgate confirms Manchester United star's injury
Sports2 days ago

Gareth Southgate confirms Manchester United star’s injury

Stuart Pearce hits back at Harry Maguire
Sports2 days ago

Stuart Pearce hits back at Harry Maguire

Luke Shaw sends message to Erik ten Hag after losing his Man Utd place
Sports2 days ago

Luke Shaw sends message to Erik ten Hag after losing his Man Utd place

Your daily horoscope for Monday, July 25, 2022
Horoscope2 days ago

Your daily horoscope for Tuesday, September 27, 2022

Reese Witherspoon and Ashton Kutcher unveil new rom-com
Entertainment2 days ago

Reese Witherspoon and Ashton Kutcher unveil new rom-com

How to watch Hocus Pocus and when it came out?
Entertainment2 days ago

How to watch Hocus Pocus and when it comes out?

Arctic Monkeys sign contract to play the Pyramid Stage at Glastonbury in 2023
Entertainment2 days ago

Arctic Monkeys sign contract to play the Pyramid Stage at Glastonbury in 2023

Ed Sheeran surprises Ibiza with wholesome backstreet boys cover
Entertainment2 days ago

Ed Sheeran surprises Ibiza with wholesome backstreet boys cover

Sowore calls Peter Obi Obasanjo’s lapdog
News2 days ago

Sowore calls Peter Obi Obasanjo’s lapdog

Eric Cantona offered to be Manchester United’s president of football
Sports3 days ago

Eric Cantona offered to be Manchester United’s president of football

Watford appoint fifth manager in just under a year
Sports3 days ago

Watford appoint fifth manager in just under a year

Gareth Southgate explains decision to leave Alexander-Arnold out of England squad
Sports3 days ago

Gareth Southgate explains decision to leave Alexander-Arnold out of England squad

Harvey Manson reveals ongoing consideration for Afrobeats category
Entertainment3 days ago

Harvey Manson reveals ongoing consideration for Afrobeats category

Fifa unveils the Soundtrack for Fifa 2023
Entertainment3 days ago

Fifa unveils the Soundtrack for Fifa 2023

‘I can’t wait for the adventures’ – Molly-Mae Hague expecting first child with Tommy Fury
Entertainment3 days ago

‘I can’t wait for the adventures’ – Molly-Mae Hague expecting first child with Tommy Fury

Rihanna
Entertainment3 days ago

Rihanna headlining Super Bowl Halftime Show 2023

Your daily horoscope for Monday, July 25, 2022
Horoscope3 days ago

Your daily horoscope for Monday, September 26, 2022

AMAKA THE LESBIAN
ANE Stories6 days ago

[STORY] AMAKA THE LESBIAN (Final Episode 68)

AMAKA THE LESBIAN
ANE Stories6 days ago

[STORY] AMAKA THE LESBIAN (Episode 61)

AMAKA THE LESBIAN
ANE Stories6 days ago

[STORY] AMAKA THE LESBIAN (Episode 63)

AMAKA THE LESBIAN
ANE Stories6 days ago

[STORY] AMAKA THE LESBIAN (Episode 62)

AMAKA THE LESBIAN
ANE Stories6 days ago

[STORY] AMAKA THE LESBIAN (Episode 65)

AMAKA THE LESBIAN
ANE Stories6 days ago

[STORY] AMAKA THE LESBIAN (Episode 67)

AMAKA THE LESBIAN
ANE Stories6 days ago

[STORY] AMAKA THE LESBIAN (Episode 66)

AMAKA THE LESBIAN
ANE Stories6 days ago

[STORY] AMAKA THE LESBIAN (Episode 64)

AMAKA THE LESBIAN
ANE Stories6 days ago

[STORY] AMAKA THE LESBIAN (Episode 60)

AMAKA THE LESBIAN
ANE Stories6 days ago

[STORY] AMAKA THE LESBIAN (Episode 59)

AMAKA THE LESBIAN
ANE Stories6 days ago

[STORY] AMAKA THE LESBIAN (Episode 58)

AFRICA MY LOVER by Sadiq_Infinity (Capri Leo) - ANE Story
ANE Stories5 days ago

[STORY] AFRICA MY LOVER (Complete Episodes)

AMAKA THE LESBIAN
ANE Stories6 days ago

[STORY] AMAKA THE LESBIAN (Episode 57)

AMAKA THE LESBIAN
ANE Stories6 days ago

[STORY] AMAKA THE LESBIAN (Episode 55)

AMAKA THE LESBIAN
ANE Stories6 days ago

[STORY] AMAKA THE LESBIAN (Episode 54)

AMAKA THE LESBIAN
ANE Stories6 days ago

[STORY] AMAKA THE LESBIAN (Episode 52)

Sports1 day ago

Xavi: 18-year-old Roman Vega Joins Barcelona’s First-team Training

AMAKA THE LESBIAN
ANE Stories6 days ago

[STORY] AMAKA THE LESBIAN (Episode 56)

AMAKA THE LESBIAN
ANE Stories6 days ago

[STORY] AMAKA THE LESBIAN (Episode 53)

HIS GIFT, YOUR LIFE by MIRIAM EDEM _ AllNaijaEntertainment
ANE Stories5 days ago

[STORY] HIS GIFT, YOUR LIFE (Complete Episodes)

Your star sign’s tarot horoscope – The New Moon in Libra is all about living well
Horoscope6 days ago

Your star sign’s tarot horoscope – The New Moon in Libra is all about living well

Pierre-Emerick Aubameyang opens up about ‘bad moments’ at former club
Sports4 days ago

Pierre-Emerick Aubameyang opens up about ‘bad moments’ at former club

AFRICA MY LOVER by Sadiq_Infinity (Capri Leo) - ANE Story
ANE Stories5 days ago

[STORY] AFRICA MY LOVER (Episode 01)

Your weekly tarot horoscope for July 24 to July 30 – and Jupiter going retrograde
Horoscope4 days ago

Your weekly tarot horoscope for September 25 to October 1 and the start of Libra season

AFRICA MY LOVER by Sadiq_Infinity (Capri Leo) - ANE Story
ANE Stories5 days ago

[STORY] AFRICA MY LOVER (Episode 38)

AFRICA MY LOVER by Sadiq_Infinity (Capri Leo) - ANE Story
ANE Stories5 days ago

[STORY] AFRICA MY LOVER (Episode 41)

AFRICA MY LOVER by Sadiq_Infinity (Capri Leo) - ANE Story
ANE Stories5 days ago

[STORY] AFRICA MY LOVER (Episode 18)

Graham Potter created a ‘problem’ with Raheem Sterling at Chelsea – William Gallas
Sports14 hours ago

Graham Potter created a ‘problem’ with Raheem Sterling at Chelsea – William Gallas

HIS GIFT, YOUR LIFE by MIRIAM EDEM _ AllNaijaEntertainment
ANE Stories5 days ago

[STORY] HIS GIFT, YOUR LIFE (Episode 01)

AFRICA MY LOVER by Sadiq_Infinity (Capri Leo) - ANE Story
ANE Stories5 days ago

[STORY] AFRICA MY LOVER (Episode 14)

AFRICA MY LOVER by Sadiq_Infinity (Capri Leo) - ANE Story
ANE Stories5 days ago

[STORY] AFRICA MY LOVER (Final Episode 42)

Your daily horoscope for Monday, July 25, 2022
Horoscope3 days ago

Your daily horoscope for Monday, September 26, 2022

AFRICA MY LOVER by Sadiq_Infinity (Capri Leo) - ANE Story
ANE Stories5 days ago

[STORY] AFRICA MY LOVER (Episode 40)

AFRICA MY LOVER by Sadiq_Infinity (Capri Leo) - ANE Story
ANE Stories5 days ago

[STORY] AFRICA MY LOVER (Episode 17)

AFRICA MY LOVER by Sadiq_Infinity (Capri Leo) - ANE Story
ANE Stories5 days ago

[STORY] AFRICA MY LOVER (Episode 33)

AFRICA MY LOVER by Sadiq_Infinity (Capri Leo) - ANE Story
ANE Stories5 days ago

[STORY] AFRICA MY LOVER (Episode 34)

Your daily horoscope for Monday, July 25, 2022
Horoscope4 days ago

Your daily horoscope for Sunday, September 25, 2022

AFRICA MY LOVER by Sadiq_Infinity (Capri Leo) - ANE Story
ANE Stories5 days ago

[STORY] AFRICA MY LOVER (Episode 37)

AFRICA MY LOVER by Sadiq_Infinity (Capri Leo) - ANE Story
ANE Stories5 days ago

[STORY] AFRICA MY LOVER (Episode 31)

Chelsea Logo
Sports7 days ago

Chelsea Announce Departure Of Top Director

ANE Billboard Hots