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ECONOMY: N12.75bn Petroleum Products Lost In Eight Months – NNPC

The Nigerian National Petroleum Corporation has put the value of petroleum products lost from January to August this year at N12.75bn.

Data obtained from the NNPC showed that N1.71bn worth of petroleum products was lost in January; N1.83bn in February; N1.59bn in March, and N1.64bn in April.

The value of products lost stood at N1.54bn in May; N1.40bn in June; N1.37bn in July, and N1.67bn in August.

The NNPC said in its latest monthly report that “Products theft and vandalism have continued to destroy value and put NNPC at disadvantaged competitive position.

“A total of 806 vandalised points have been recorded between August 2019 and August 2020,”

It said a total of 37 pipeline points were vandalised in August, representing about three per cent increase from the 36 points recorded in July.

The corporation said ATC-Mosimi and Mosimi-Ibadan accounted for 38 per cent and 24 per cent respectively, while PHC-Aba and the other locations recorded 22 per cent and the remaining 16 per cent of the total breaks.

“NNPC in collaboration with the local communities and other stakeholders continuously strive to reduce and eventually eliminate this menace,” the report said.

The NNPC said to ensure continuous increased fuel supply and effective distribution across the country, a total of 0.95 billion litres of Premium Motor Spirit (petrol), translating to 30.53 million litres/day were supplied in August.

The national oil firm said it had continued to diligently monitor the daily stock of PMS to achieve smooth distribution of petroleum products and zero fuel queue across the nation.

The Group Managing Director, NNPC, Mallam Mele Kyari, said recently that the introduction of Operation White and the Automated Downstream Operations and Financial Monitoring Centre had made it possible for the corporation to monitor products supply and distribution across the country.

Group Managing Director, NNPC, Mallam Mele Kyari

He said this had reduced illicit practices such as oil theft and cross border smuggling of petroleum products which used to cause dislocation in the supply and distribution matrix and huge revenue losses to the nation.

In August, the NNPC called on investors to bid for the repairs of pipelines and depots across the country, adding that the rehabilitation of the facilities would be done through a build, operate and transfer model.

Poor maintenance and vandalism have left many of the depots and pipelines idle for years, with the number of fuel tankers on the roads increasing and wreaking havoc.

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