The Nigerian National Petroleum Corporation, NNPC said the current unprecedented level of petrol importation by the corporation was impacting negatively on its resources for servicing Joint Venture Cash-Call and other obligations.
Group Managing Director of the Corporation, Maikanti Baru, in a presentation told the Joint National Assembly Committee on Petroleum Downstream that the sudden and unnatural shock in fuel consumption to record levels has over-stretched NNPC’s fuel supply arrangement.
He lamented that fuel domestic consumption which was originally based on 35 million per day petrol has reached current unprecedented average daily fuel evacuation of 55 million litres since 1st December 2017 to date.
He said it was imperative for security agencies to close-in on the smuggling syndicates, who were cashing in on the obvious petrol price differentials between Nigeria and neighbouring countries to make illicit profit.
A statement from the corporation, Baru explained that the current situation was also straining the ability of NNPC to sustain the prevailing 100 percent petrol importation in the face of increasing cost.