NNPC has revealed that it is subsidizing the fuel supply in tune of N774 million per day. According to the NNPC, the benefits of subsidies are only enjoyed by some as well as in neighboring countries on account of continued fuel smuggling on borders. . NNPC, Maikanti Baru, earlier made a call to the Nigerian Customs general manager Hameed Ali, to assist in checking the spread of fuel stations in communities with global boundaries and coast across the country. He said it has strengthened the unparalleled cross-border smuggling of fuel in neighboring countries, making it difficult to sanitize the fuel supply and distribution matrix in the country. .
Baru according to an NNPC statement said “NNPC is concerned that continued cross-border smuggling of petrol will deny Nigerians the benefit of the FG’s benevolence of keeping a fix retail price of N145 per litre despite the increase in PMS open market price above N171 per litre.
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Based on the heightened petrol consumption rate of 50 million litre per day, the corporation was incurring an under-recovery of N774 million every day.” Baru revealed that detailed study conducted by NNPC indicated strong correlation between the presence of the frontier stations and the activities of fuel smuggling syndicates.
He said the activities of the smugglers led to the recent abnormal surge in the evacuation of petrol from less than 35 million litres per day to more than 60 milion litres per day, which was in sharp contrast with established national consumption pattern.
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