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We have 1.2bn litres of petrol in stock, says NNPC

08 May 2015, 08:00

Abuja - The Nigerian National Petroleum Corporation (NNPC) and its downstream subsidiary, the Pipelines and Products Marketing Company (PPMC), said they had 1.2 billion litres of petrol in stock.

This is contained in a statement issued in Abuja on Thursday by Ohi Alegbe, Group General Manager, Group Public Affairs Department, NNPC.

The statement stated that the figure translated to 31 days sufficiency, going by the 40 million litres daily consumption of the product in the country.

It explained that the Managing Director of PPMC, Haruna Momoh, made the announcement in Abuja.

It quoted Haruna as saying that "21 additional vessels laden with petroleum products are in offshore Lagos waiting to berth.

"NNPC has made adequate arrangements to ensure energy sufficiency in the country and reassured motorists that the noticeable queues at the filling stations would thin out in the days ahead."

Momoh said that the NNPC also had 21 days sufficiency of Automotive Gas Oil (AGO) otherwise known as diesel and 18 days sufficiency of Dual Purpose Kerosene (DPK), otherwise known as kerosene.

Also read: Fears removal of fuel subsidy could cause unrest

He said that as part of efforts to ensure petroleum products’ sufficiency and distribution, the NNPC embarked on aggressive Reception Depots rehabilitation in 2011.

"As at today, 18 depots out of the 23 depots have been fully recovered with the exception of Makurdi, Yola and Maiduguri due to the activities of pipeline vandals," he said.

The PPMC MD disclosed that the corporation suffered petroleum products losses worth N40.8bn through pipeline vandalism in 2014.

He said that no business could survive such a loss and still remained a growing concern.

Momoh said there was a marginal increase in pipeline vandalism, stressing that in 2013, the corporation recorded 3,517 vandalised points but in 2014, the figure increased to 3, 774.

He said that “as at today, 97 pipeline vandals are undergoing prosecution”.

Momoh expressed regret that since the cases started a few years ago, none of the accused persons had been convicted for economic sabotage.

He called on Nigerians from all walks of life, especially those living in communities where the pipelines run through, to protect them in national interest.



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