• About
  • Advertise
  • Contact
Thursday, August 21, 2025
  • Login
Vital News
  • Frontpage
  • Business
  • Economy
  • Politics
  • National
  • Opinion
  • Sports
  • More
    • Crime
    • Judiciary
    • Security
No Result
View All Result
  • Frontpage
  • Business
  • Economy
  • Politics
  • National
  • Opinion
  • Sports
  • More
    • Crime
    • Judiciary
    • Security
No Result
View All Result
Vital News
No Result
View All Result
Home Oil & Gas

Unbelievable : Oyo, Ogun Consume More Petrol Than Lagos, Other State – NNPC

Vital News by Vital News
September 20, 2022
in Oil & Gas
0
Share on FacebookShare on Twitter

Abuja – The Group Managing Director of the Nigerian National Petroleum Company (NNPC), Mele Kyari says Oyo and Ogun States consume more Premium Motor Spirits (PMS) known as petrol than any other state in the country.

Kyari disclosed this on Monday in Abuja at the resumed investigative hearing into the subsidy regime from 2013 to 2021 held by the House of Representatives Ad-hoc Committee headed by Hon. Ibrahim Mustapha.

He, however, said that the product may be going through these states, through porous borders, to neighbouring countries.

He also informed that N3.4 trillion is the required fuel subsidy for the 66.7 million litre of Premium Motor Spirit (PMS) daily consumption against the N4 trillion approved in this year’s Appropriation Act.

“States that consume the most are states like Oyo and Ogun State, they even consume more than Lagos State, so you wonder, is it that they have more vehicles than Lagos.

RelatedStories

NLC Urges FG To Sell Enough Crude In Naira To Reduce Fuel Prices, Hails Dangote Refinery

Dangote Debunks Rumours Of Refinery Shutdown, Says PMS Gantry Price Remains N850

Kogi Govt Moves To Attract Investors To Exploit Oil, Gas Deposits

Dangote Says Tinubu’s Economic Policies Working, Reviving Private Sector

“This explains that these are States with porous borders and that will explain why this bulk evacuation is going out of Oyo and Ogun States, probably to neighboring countries,” he said.

Kyari said the country, which produced 2.3mbpd before Covid-19, currently produces between 1.6mbpd and 1.2mbpd against 1.8mbpd approved by Organization of Petroleum Exporting Countries (OPEC).

Kyari, who was represented by the company’s Chief Financial Officer, Mr. Umar Ajia said: “We have about 1.6 billion litres incoming, land and marine. This is what is the minimum level we have to maintain, especially as we approach winter.

“Most of the refineries that we procure are actually shutting down their operations because of the clamour for green energy and COP26 compliance.

“Even gas that is transition fuel for us is being given 8 years. Of course, we do not agree. When you look at PMS outlook, we won’t be closing each and every month with a 2 billion closing stock.

“That is the only way you can sustain petroleum so that the marketer do not see some slack and take advantage by begin to hoard product that can create artificial scarcity which can lead to queue.

“There is a huge arbitrage for anybody to move product to outside. We are not saying that bulk of the product is smuggled. The reality is that there is no study to validate the actual consumption.

“What we are reporting daily is what the authority, which is the regulator publishes. They are represented at every depot in Nigeria.

“Exchange rate has been moving steadily from N195.5 per dollar to now N390.6 to a dollar, on average. The subsidy scheme is two ways, the foreign exchange subsidy and price.

“The shipping cost has doubled, therefore, the landing cost of PMS has moved from N87 per litre in 2015 to about N327.68 per litre today.

“When you compare it to what we are sell, you have a N209 on every litre. When you multiply the N209 per litre with an average of 66.7 million litre, you are talking about N3.4 trillion subsidy for the year.

“As you recall, in the 2022 appropriation, the National Assembly. The reality today is that if one were to take statistic of the number of vehicles in Nigeria, how many Keke Napep do we have? How many pumping machine, how many pumping machines do we have.

“On a routine visit, I saw nothing less than a million Keke, take an average that each one uses 4 litres every day, that is 4 million litres, one city.

“We have not done a study to validate, people are saying that how is it that we are evacuating 66 million a day, that is the reality.

“Some days, what is evacuated can go as much as 100 million a day, while some weekends, we do zero. The marketers are watching.” (Punch)

Tags: litresOilsubsidytruck
Previous Post

Online Agitation, Not Grassroots Mobilisation, Gov Bello Berates Poll Favouring Obi

Next Post

Buhari Congratulates Marwa On Historical Seizure Of Cracks Worth N193bln

Vital News

Vital News

RelatedStories

NLC Urges FG To Sell Enough Crude In Naira To Reduce Fuel Prices, Hails Dangote Refinery
Oil & Gas

NLC Urges FG To Sell Enough Crude In Naira To Reduce Fuel Prices, Hails Dangote Refinery

August 13, 2025
Dangote Spends N720bln To Acquire 4,000 CNG Trucks, Begins Free Distribution Of Fuel August 15
Oil & Gas

Dangote Debunks Rumours Of Refinery Shutdown, Says PMS Gantry Price Remains N850

August 8, 2025
Kogi Govt Moves To Attract Investors To Exploit Oil, Gas Deposits
Business

Kogi Govt Moves To Attract Investors To Exploit Oil, Gas Deposits

August 8, 2025
Dangote Says Tinubu’s Economic Policies Working, Reviving Private Sector
Business

Dangote Says Tinubu’s Economic Policies Working, Reviving Private Sector

July 27, 2025
Africans In Position To Develop Africa, Dangote Tells Global CEOs
Oil & Gas

Dangote Urges African Leaders To Protect Local Industries From Unfair Competition

July 23, 2025
Next Post

Buhari Congratulates Marwa On Historical Seizure Of Cracks Worth N193bln

Presidency : Igbos Should Look Beyond 2023, Wait For Another Time - Uzor Kalu

2023 : 381 Women, 11 PWDs To Contest Presidential, National Assembly Elections - INEC

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Follow Us

Recommended

House Of Reps. Deputy Speaker Recommends Multi-disciplinary Approach To Address Insecurity

House Of Reps. Deputy Speaker Recommends Multi-disciplinary Approach To Address Insecurity

2 years ago

Commission Reinstates 10 Dismissed Police Officers

3 years ago
Ooni Congratulates Tinubu, Begs Him Not To Fail Nigerians, Africans

Ooni Congratulates Tinubu, Begs Him Not To Fail Nigerians, Africans

2 years ago

FG Puts Off Inauguration Of Members Of Governing Councils Of Tertiary Institutions

1 year ago

Instagram

    Please install/update and activate JNews Instagram plugin.

Categories

  • Agriculture/ Water/ Mineral
  • Aviation
  • Business
  • Crime
  • Culture
  • Economy
  • Education
  • Entertainment
  • Environment
  • Football
  • Foreign
  • Gender
  • Health
  • Judiciary
  • Labour
  • National
  • News
  • Oil & Gas
  • Opinion
  • Opinion
  • Politics
  • Power
  • Religion
  • Security
  • Sports
  • Transport
  • Uncategorized

Topics

Abiodun Abuja APC arrest Atiku Bandits Bello Benue Buhari CBN cement Court Dangote death dies drugs Economy EFCC Election elections FG gunmen Hajj INEC Kano kidnap Kill Kogi Kwara Lagos NDLEA Niger Nigeria Ododo Ogun Oyo PDP Police Power refinery rescue road Security students Tinubu
No Result
View All Result

Highlights

Nigeria’s Consul General In Cameroun, Taofiq Coker Is Dead

Explainer : How INEC Declares LP Candidate Serving Jail Term Winner Of Enugu Assembly Rerun Election

Ladoja To Be Install 44th Olubadan Sept. 26

PBAT Door-to-Door Movement Extends Condolences To APC National Chairman Over Mother’s Death

Ogun APC Suspends Senator Gbenga Daniel, Kunle Folarin Indefinitely For Anti-party

Lagos Loses Another Female Councillor, Zainab Shotayo, Second In One Week

Trending

FG Empowers Colleges Of Education To Offer NCE, Degree Programmes Without University Affiliation
Education

FG Empowers Colleges Of Education To Offer NCE, Degree Programmes Without University Affiliation

by Vital News
August 20, 2025
0

The Federal Government has given Colleges of Education nationwide the go ahead to start offering both National...

Court Berates EFFC Over Disregard For Rule Of Law, Orders Immediate Release Of Aisha Achimugu

EFCC Arrests Deputy Vice Chancellor, Bank MD, Two Catholic Sisters Over N1.2bln Loan Fraud

August 20, 2025
Tinubu Appoints Rotimi Pedro, Founder Of OSMI As New DG Of NTA

Presidency Confirms Appointment Of Rotimi Pedro As New DG Of NTA, Three Executive Directors

August 20, 2025
Nigeria’s Consul General In Cameroun, Taofiq Coker Is Dead

Nigeria’s Consul General In Cameroun, Taofiq Coker Is Dead

August 20, 2025
Explainer : How INEC Declares LP Candidate Serving Jail Term Winner Of Enugu Assembly Rerun Election

Explainer : How INEC Declares LP Candidate Serving Jail Term Winner Of Enugu Assembly Rerun Election

August 20, 2025
ADVERTISEMENT
Vital News

Vital News is an online newspaper with a mission to uphold professional journalism by reporting and publishing only facts and figures-based news reports across Nigeria and beyond.

Recent News

  • FG Empowers Colleges Of Education To Offer NCE, Degree Programmes Without University Affiliation August 20, 2025
  • EFCC Arrests Deputy Vice Chancellor, Bank MD, Two Catholic Sisters Over N1.2bln Loan Fraud August 20, 2025
  • Presidency Confirms Appointment Of Rotimi Pedro As New DG Of NTA, Three Executive Directors August 20, 2025

Categories

  • Agriculture/ Water/ Mineral
  • Aviation
  • Business
  • Crime
  • Culture
  • Economy
  • Education
  • Entertainment
  • Environment
  • Football
  • Foreign
  • Gender
  • Health
  • Judiciary
  • Labour
  • National
  • News
  • Oil & Gas
  • Opinion
  • Opinion
  • Politics
  • Power
  • Religion
  • Security
  • Sports
  • Transport
  • Uncategorized

© 2022 Vital News - . All Rights Reserved.

No Result
View All Result
  • Frontpage
  • Business
  • Economy
  • Politics
  • National
  • Opinion
  • Sports
  • More
    • Crime
    • Judiciary
    • Security

© 2022 Vital News - Vital News by Vital News.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In