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“Excess 24m litres Daily Imports of Fuel Unaccounted – PPPRA” – Leadership Newspapers

“The Petroleum Products Pricing Regulatory Agency (PPPRA) yesterday informed the House of Representatives’ ad-hoc committee investigating the management of subsidy on petrol (Premium Motor Spirit -PMS) that the federal government recorded about 59 million litres daily in 2011, leaving an excess of 24million that are not accounted for.

The Executive Secretary of the PPPRA, Mr. Reginald Stanley, stated this while testifying before the committee on Wednesday.

This is against the backdrop of the declaration by the Minister of Petroleum Resources, Mrs. Diezani Alison-Madueke, before the committee that the country consumed 35 million litres daily within the same period.

But expressing surprise at the revelation, The Chairman of the ad-hoc committee, Hon. Farouk Lawan, said, “How could the nation be made to pay for 59 million litres daily when we consume only 35 million litres daily? The balance of 24 million litres per day might be the area of sharp practices. By making that provision, you are encouraging smuggling because we know that these 24 million litres balance would simply be smuggled out of the country since it has been paid for already and we cannot consume it.”

Stanley also informed the committee that the storage facility required to store the excess product daily was non-existent, considering that the storage facility could only take 1.4billion litres of fuel.

But this revelation further irked Farouk who said, “This is a case of serious economic sabotage because when the daily supply excess of 24 million litres is multiplied by 365 days, you get 8.76 billion litres. This is the volume of fuel that might have been smuggled out of the country in 2011.”

Pleading for speedy passage of Petroleum Industry Bill (PIB), Stanley lamented that the industry was faced with serious challenges, while informing the lawmakers that of the 46 depots in the country, only four could accommodate “mother vessels” bringing imported products to the country.

He said, “It is very important that we begin to build strategic fuel reserves in the country. In most countries of the world, reserves are built to last for at least one month in case of fuel supply cut, but Nigeria does not have reserve that can last for one week.””
What are you thinking?

2 Responses to ““Excess 24m litres Daily Imports of Fuel Unaccounted – PPPRA” – Leadership Newspapers”

  1. Anonymous says:

    HOW LONG CAN THIS GOVERNMENT CONTINUE TO DECIEVE NIGERIANS.THE MINISTER SHOULD BE SACKED IMMEDIATELY.

  2. victory ozimede says:

    It is regrettably lucubrus that even our so called minister whom we trusted cud falsify fact to such a high tone

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