A Review of the Nigerian Energy Industry

Marketers fault NNPC’s claim on 1.2bn litres of petrol stock

19 May 2015, Lagos – The Major Oil Marketers Association of Nigeria (MOMAN) has faulted the claim by the Nigerian National Petroleum Corporation (NNPC) that it has a stock of 1.2 billion litres of petrol, saying such huge volume of products is equivalent to about 300 imported cargoes.

The NNPC had in a recent statement stated that its downstream subsidiary, the Pipelines and Products Marketing Company (PPMC), had 1.2 billion litres of petrol in stock.

According to the statement, the figure translated to 31 days sufficiency, going by the 40 million litres daily consumption of the product in the country, adding that the Managing Director of PPMC, Mr Haruna Momoh, gave the assurance in Abuja.
The statement quoted Momoh 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.

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.

But the Executive Secretary of MOMAN, Mr. Obafemi  Olawore told THISDAY that such volume of petrol is equivalent to about 300 imported vessels, adding that there was nowhere in the country where such products could be stored.
He noted that by saying that they have 1.2 billion litres in the country, the corporation is simply saying that they have approximately 300 ships loaded with petrol.

Olawore challenged the NNPC to disclose where the stock of 1.2 billion litres is stored, adding that if the corporation gives the products to the marketers, they will distribute it to Nigerians.
“You are talking about the NNPC; NNPC said they have 1.2 billion litres but anybody, who tells you that, you should ask him where the stock is. They should tell us where the stock is located. Remember that I told you that if they give it to us, we will distribute because we are not fighting the Nigerian public. What we are saying is that they should pay us our money. Because of the love we have for Nigeria, if the NNPC gives us products, we will distribute but I can tell you that 1.2 billion litres is about 8.9 million metric tonnes, which is equivalent to 298 ship load of petrol, because each vessel carries 30,000 metric tonnes,” he said.
Olawore stated that the petrol in circulation at the moment was the one imported by the NNPC, adding that because the volume is very small, many tankers are struggling and causing traffic congestion in Apapa.

– This Day

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  • Wendy

    The blame game is ongoing – the marketers blame the NNPC and the NNPC scurries around to keep the marketers and the masses happy. Is there no end? Marketers have a history of holding the nation to ransom this is no exception. Their cry for payment is over shadowing their responsibility to the people of Nigeria which is to circulate the products meant for the masses. MOMAN should do what is right and stop pointing fingers