Barges carrying about 317 million litres of petrol amounting to N35.3bn have arrived various jetties in Lagos await berthing, investigation by TRADE NEWSWIRE revealed.
Nigeria consumes about 32 million litres of petrol per day.
The volume of the imported petrol multiplied with the landing cost of the product, which is N111.39K, total N35.3bn.
Furthermore, the volume of the imports, multiplied with the pump price of N65 per litre, amounted to N20.7bn.
Barges carrying about 317 million litres of petrol amounting to N35.3bn have arrived various jetties in Lagos await berthing, investigation by TRADE NEWSWIRE revealed.
Nigeria consumes about 32 million litres of petrol per day.
The volume of the imported petrol multiplied with the landing cost of the product, which is N111.39K, total N35.3bn.
Furthermore, the volume of the imports, multiplied with the pump price of N65 per litre, amounted to N20.7bn.
According to investigation, Cesaria brought 31000MT; Ocean Chariot, 38892MT; Alkividias, 31023MT; Mariposa, 32815MT; Torm Laura, 30000MT; Navigator Taurus, 3000MT; Nord Sea, 32962MT; A.S. Livantia, 31337MT; Crescent Camilla, 400MT; and Wappen Von Leipzig brought 5000MT.
The nation’s refineries were at various times shut down due to pipelines vandalisation by militants.
Thus, the nation is currently depending totally on imported petrol.
The nation has a refining capacity of 445,000 barrels per day and has four refineries namely, the Warri Refinery and Petrochemical Company, 125, 000bpd, the Kaduna Refinery and Petrochemical Company, 110, 000bpd and the old and new Port Harcourt refineries, 210, 000bpd.
According to the Petroleum Products Pricing Regulatory Agency’s pricing template, the landing cost of a litre of petrol at present is N111.39. However, through government’s subsidy, the retail price of petrol is N65 per litre.
Source: TRADE NEWSWIRE
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