Close Menu
    Facebook X (Twitter) Instagram
    Facebook X (Twitter) Instagram
    SweetCrudeReportsSweetCrudeReports
    Subscribe
    • Home
    • Oil
    • Gas
    • Power
    • Solid Minerals
    • Labour
    • Financing
    • Freight
    • Community Development
    • E-Editions
    SweetCrudeReportsSweetCrudeReports
    Home » Fuel importation gulps $1.8bn quarterly – NNPC

    Fuel importation gulps $1.8bn quarterly – NNPC

    April 14, 2016
    Share
    Facebook Twitter LinkedIn WhatsApp
    *Crude oil tanker.
    *Oil tanker.

    14 April 2016, Abuja – The Nigerian National Petroleum Corporation (NNPC) used to spend $1.8 billion on fuel importation quarterly, its Group Executive Director (Upstream) Rabi’u Bello has disclosed.

    Bello, while briefing State House correspondents, yesterday, on the current nationwide fuel scarcity, put the monthly expenses on fuel importation at $600 million.

    Also at the press conference were the NNPC Group General Manager (Public Affairs) Garbadeen Mohammed, GED/COO (Downstream) Henry Obih and GED/COO (Refineries) Anibor Kragha.

    Bello said: “Spending on imports relies on two things: the volume and the price. As we speak today, a cargo of product of about 40 million litres will cost about $13 to $14 million. And we need about 45 to 50 million litres to satisfy the country, depending on the time and the condition of the country.

    “So, if you assume that will cost about $16 million per day, it can also go up to $20 million, depending on the price. It means you need $20 million multiplied by 90 days for a quarter; that is $1.8 billion. So, this amount is required to import the country’s fuel requirement for one quarter. Every month, we need $600 million to import fuel. So, we need $1.8 billion to import the country’s requirement for one quarter.”

     

     

    • Daily Trust

    Related News

    Oil prices ease as traders assess US tariffs and OPEC+ output boost

    Exxon Mobil finds natural gas reservoir offshore Cyprus, government says

    Chevron preps quick closing of Hess deal and awaits result of Exxon dispute

    E-book
    Resilience Exhibition

    Latest News

    NNPC/Shell’s ‘Vision First’ initiative in Lagos benefit thousands

    July 8, 2025

    AEC condemns Greenpeace for ‘calculated attacks’ to hinder energy development

    July 8, 2025

    Ghana launches task force to curb gold smuggling losses

    July 8, 2025

    Oil prices ease as traders assess US tariffs and OPEC+ output boost

    July 8, 2025

    Rivers Govt warns residents of imminent flood risk

    July 8, 2025
    Demo
    Facebook X (Twitter) Instagram
    • Opec Daily Basket
    • Oil
    • Power
    • Gas
    • Freight
    • Financing
    • Labour
    • Technology
    • Solid Mineral
    • Conferences/Seminars
    • Community Development
    • Nigerian Content Initiative
    • Niger-Delta Question
    • Insurance
    • Other News
    • Focus
    • Feedback
    • Hanging Out With Markson

    Subscribe for Updates

    Get the latest energy news from Sweetcrudereports.

    Please wait...
    Please enter all required fields Click to hide
    Correct invalid entries Click to hide
    © 2025 Sweetcrudereports.
    • About Us
    • Advertise with us
    • Privacy Policy

    Type above and press Enter to search. Press Esc to cancel.