Connect with us
X
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.

RECOMMENDED  No part of Ogun will be ceded under my watch — Dapo Abiodun

“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
Vivo begins teasing new Dimensity 9400 flagships internationally
Technology51 mins ago

Vivo begins teasing new Dimensity 9400 flagships internationally

Google Pixel 11 and Pixel 11 Pro may trade performance gains for longer battery life
Technology56 mins ago

Google Pixel 11 and Pixel 11 Pro may trade performance gains for longer battery life

Manchester United players warned ‘only one is safe’ under Ruben Amorim
Sports1 hour ago

Manchester United players warned ‘only one is safe’ under Ruben Amorim

Austin DeAnda given impromptu makeover after he is forced to have haircut in the middle of fight
Sports1 hour ago

Austin DeAnda given impromptu makeover after he is forced to have haircut in the middle of fight

IG orders punishment for errant cops
News13 hours ago

IG orders punishment for errant cops

Be ready to recover stolen mandate — Ighodalo tells PDP
News13 hours ago

Be ready to recover stolen mandate — Ighodalo tells PDP

No part of Ogun will be ceded under my watch — Dapo Abiodun
News13 hours ago

No part of Ogun will be ceded under my watch — Dapo Abiodun

Ruger calls out auto tune and hype culture in music
Entertainment13 hours ago

Ruger calls out auto tune and hype culture in music

I hate to play same role repeatedly — Actress Bimbo Akintola
Entertainment13 hours ago

I hate to play same role repeatedly — Actress Bimbo Akintola

Fans split on Davido, Wizkid, and Burna Boy's Grammy nominations.
Entertainment13 hours ago

Fans split on Davido, Wizkid, and Burna Boy’s Grammy nominations

Samsung Galaxy S25 Slim: Leaker reveals launch details for Samsung's rival iPhone 17 Air
Technology14 hours ago

Samsung Galaxy S25 Slim: Leaker reveals launch details for Samsung’s rival iPhone 17 Air

Realme names first smartphone to get Android 15 beta worldwide
Technology14 hours ago

Realme names first smartphone to get Android 15 beta worldwide

England interim manager tipped for surprise Premier League job
Sports20 hours ago

England interim manager tipped for surprise Premier League job

Hakim Ziyech mocks Israeli supporters attacked in Amsterdam
Sports20 hours ago

Hakim Ziyech mocks Israeli supporters attacked in Amsterdam

Court jails seven for internet fraud in Kaduna
News21 hours ago

Court jails seven for internet fraud in Kaduna

Edo APC criticizes Obaseki’s last-minute appointments
News21 hours ago

Edo APC criticizes Obaseki’s last-minute appointments

Edo PDP announces caretaker committee
News21 hours ago

Edo PDP announces caretaker committee

Tems makes history after securing 3 nominations for the 67th Grammys
Entertainment21 hours ago

Tems makes history after securing 3 nominations for the 67th Grammys

Beyoncé surpasses Jay-Z to become the most nominated artist in Grammy history
Entertainment21 hours ago

Beyoncé surpasses Jay-Z to become the most nominated artist in Grammy history

Davido, Wizkid, Tems, Asake make 2025 Grammy nominations
Entertainment21 hours ago

Davido, Wizkid, Tems, Asake make 2025 Grammy nominations

Davido, Wizkid, Tems, Asake make 2025 Grammy nominations
Entertainment22 hours ago

2025 GRAMMY: Academy unveils category changes ahead of nomination event

The Pastor Daughter Story by Miriam Edem _ ANE Story
ANE Stories1 day ago

[STORY] THE PASTOR’S DAUGHTER (Final Episode 13)

The Pastor Daughter Story by Miriam Edem _ ANE Story
ANE Stories1 day ago

[STORY] THE PASTOR’S DAUGHTER (Episode 12)

The Pastor Daughter Story by Miriam Edem _ ANE Story
ANE Stories1 day ago

[STORY] THE PASTOR’S DAUGHTER (Episode 11)

The Pastor Daughter Story by Miriam Edem _ ANE Story
ANE Stories1 day ago

[STORY] THE PASTOR’S DAUGHTER (Episode 10)

The Pastor Daughter Story by Miriam Edem _ ANE Story
ANE Stories1 day ago

[STORY] THE PASTOR’S DAUGHTER (Episode 09)

The Pastor Daughter Story by Miriam Edem _ ANE Story
ANE Stories1 day ago

[STORY] THE PASTOR’S DAUGHTER (Episode 08)

The Pastor Daughter Story by Miriam Edem _ ANE Story
ANE Stories1 day ago

[STORY] THE PASTOR’S DAUGHTER (Episode 07)

The Pastor Daughter Story by Miriam Edem _ ANE Story
ANE Stories1 day ago

[STORY] THE PASTOR’S DAUGHTER (Episode 06)

The Pastor Daughter Story by Miriam Edem _ ANE Story
ANE Stories2 days ago

[STORY] THE PASTOR’S DAUGHTER (Episode 05)

The Pastor Daughter Story by Miriam Edem _ ANE Story
ANE Stories2 days ago

[STORY] THE PASTOR’S DAUGHTER (Episode 04)

The Pastor Daughter Story by Miriam Edem _ ANE Story
ANE Stories2 days ago

[STORY] THE PASTOR’S DAUGHTER (Episode 03)

The Pastor Daughter Story by Miriam Edem _ ANE Story
ANE Stories2 days ago

[STORY] THE PASTOR’S DAUGHTER (Episode 02)

The Pastor Daughter Story by Miriam Edem _ ANE Story
ANE Stories2 days ago

[STORY] THE PASTOR’S DAUGHTER (Episode 01)

The Pastor Daughter Story by Miriam Edem _ ANE Story
ANE Stories2 days ago

[STORY] THE PASTOR’S DAUGHTER (Complete Episodes)

Papa Loves His Girls by Opeyemi Ojerinde Akintunde_ANE Stories
ANE Stories2 days ago

[STORY] PAPA LOVES HIS GIRLS (Episode 16)

Papa Loves His Girls by Opeyemi Ojerinde Akintunde_ANE Stories
ANE Stories2 days ago

[STORY] PAPA LOVES HIS GIRLS (Episode 15)

Papa Loves His Girls by Opeyemi Ojerinde Akintunde_ANE Stories
ANE Stories2 days ago

[STORY] PAPA LOVES HIS GIRLS (Episode 14)

Papa Loves His Girls by Opeyemi Ojerinde Akintunde_ANE Stories
ANE Stories2 days ago

[STORY] PAPA LOVES HIS GIRLS (Episode 13)

Papa Loves His Girls by Opeyemi Ojerinde Akintunde_ANE Stories
ANE Stories2 days ago

[STORY] PAPA LOVES HIS GIRLS (Episode 12)

Gnash (singer)
Music6 days ago

[Music] Gnash Ft Olivia O’Brien – I Hate you, I Love you

John Legend
Music3 days ago

[INSTRUMENTAL] John Legend – All Of Me

Alan Walker
Music7 days ago

Alan Walker – Faded [INSTRUMENTAL]

21 Savage
Music4 days ago

[Video] 21 Savage ft. Offset & Metro Boomin – Rap Saved Me

Wiz Khalifa
Music5 days ago

[Instrumental] Wiz Khalifa – See You Again ft. Charlie Puth

Salvation Ministry Choir Amen
Lyrics3 days ago

Salvation Ministry Choir – Amen [LYRICS]

General7 days ago

[Music] The Chainsmokers – ‘Don’t Let Me Down’ Feat. Daya

Powfu (singer)
Music6 days ago

[Music] Powfu – Death Bed (Coffee for Your Head) Feat. Beabadoobee

General6 days ago

[Music] Wyclef Jean – “Sweetest Girl (Dollar Bill)” Feat. Akon, Lil Wayne, Niia

General4 days ago

[Music] Zayn Malik – Entertainer

Wiz Khalifa - See You Again ft. Charlie Puth
Music6 days ago

[Music] Wiz Khalifa – See You Again ft. Charlie Puth

Music5 days ago

[Music] Exalted Tribe (HICC) – We Dey Halla

Anna Kendrick
Music6 days ago

[Music] Anna Kendrick – Cups (Pitch Perfect’s “When I’m Gone”)

General2 days ago

[Music] Diddy – Dirty Money – “Coming Home” Feat. Skylar Grey

General3 days ago

[Music] John Legend – Love Me Now

Right Said Fred
Music6 days ago

[Music] Right Said Fred – Stand Up (For the Champions)

Salvation Ministries Mass Choir
Music3 days ago

[Music] Salvation Ministries Choir – Chioma Me Eh(Good God)

General2 days ago

[Music] Celine Dion – If That’s What It Takes

Salvation Ministries Mass Choir
Lyrics3 days ago

Salvation Ministries Choir – Chioma Me Eh(Good God) [LYRICS]

General2 days ago

[Music] P!nk – Try

General3 days ago

[Music] Jaden Smith – Goku

Music5 days ago

[Music] Wiz Khalifa – See You Again (Remix) Feat Charlie Puth, Eminem, Tyga, & Chris Brown

R. Kelly
Music6 days ago

[Music] R. Kelly – World’s Greatest

General3 days ago

Magic! — Rude [LYRICS]

General2 days ago

[Music] Journey – Don’t Stop Believin’

General3 days ago

[Music] Cardi B – Bartier Cardi ft. 21 Savage

General4 days ago

[Music] Tyga ft. Offset – Taste

General2 days ago

[Music] P!nk – “Just Give Me A Reason” Feat. Nate Ruess

General4 days ago

[Music] 21 Savage ft. Offset & Metro Boomin – Rap Saved Me

General7 days ago

[Music] R Kelly – When A Woman Loves

General2 days ago

[Music] African China – Western Union

General6 days ago

[Music] Luniz – “Got 5 On It” Feat. Michael Marshall (Tethered Mix from US)

General4 days ago

[Music] Lil Dicky ft. Chris Brown – Freaky Friday

Alec Benjamin (singer)
Music6 days ago

[Music] Alec Benjamin – Let Me Down Slowly

General7 days ago

[Music] Jessie J – ‘Bang Bang’ Feat. Ariana Grande & Nicki Minaj

Loren Allred
Music6 days ago

[Music] Loren Allred – Never Enough (From The Greatest Showman)

General3 days ago

[Music] Lil Durk – India Pt. II

General3 days ago

[Music] Sam Smith – Writing’s On The Wall

Westlife
General6 days ago

[Music] Westlife – I Lay My Love on You

Entertainment2 days ago

Top 10 Best Songs Of Tatiana Manaois In 2018 And How To Download Them

ANE Billboard Hots



Join "ANE sabi" clique

Don't miss a thing, get ogbonge ANE latest updates to fuel your conversation daily.