03 September 2018, Sweetcrude, Abuja — Two years after, major and independent petroleum products marketers are yet to resume the importation of Premium Motor Spirit (PMS), leaving the Nigerian National Petroleum Corporation (NNPC) as the sole importer of the commodity for consumption by Nigerians.
According to documents obtained from the regulator of the downstream petroleum industry, the Petroleum Products Pricing and Regulatory Agency (PPPRA), only the NNPC currently has vessels waiting to berth, discharging PMS at jetties across the country, as well as stocks of the commodity both in its land and offshore storage facilities.
Despite being the only importer of the commodity, the PPPRA disclosed that the NNPC, as at August 9, 2018, has 30.31 days of PMS sufficiency, comprising 16.06 days of land-based storage and 14.25 days of products in marine storage.
Specifically, the NNPC’s land-based stock for PMS stood at 722.707 million litres; while the marine-based stock of the commodity stood at 641.071 million litres, bringing the total stock of the commodity to 1.364 billion litres of the commodity.
In addition, total stock of Household Kerosene (HHK) stood at 175.85 million litres, translating to 1.07 days sufficiency; Automotive Gasoline Oil (AGO) sufficiency stood at 425.68 million litres, translating to 1.07 days; while Aviation Turbine Kerosene (ATK), Low Pour Fuel Oil (LPFO) and base oil sufficiency stood at 36.38 million litres, 82.24 million litres and 36.38 million litres, representing 31.73 days, 54.83 days and 24.25 days respectively.
The PPPRA put the National Average Daily Consumption of PMS at 45 million litres per day; while it put daily AGO, HHK and ATK consumption at nine million litres, eight million litres and 1.5 million litres respectively.
Giving a breakdown of PMS sufficiency as it concerns the NNPC and other oil marketers, the PPPRA report stated that, as at August 9, 2018, the NNPC, major marketers and the Depot and Petroleum Products Marketers Association (DAPPMA) had 869.69 million litres, 2.0 million litres and 5.12 million litres of PMS in its land-based storage and jetty stock, representing 101 per cent, zero per cent and -1 per cent sufficiency level.
For marine offshore stock, the report disclosed that the NNPC had 501.21 million litres of PMS, representing 100 percent the total, while major marketers and DAPPMA had none.
In total, the report said the NNPC combined land and offshore stock stood at 1.371 billion, while major marketers and DAPPMA recorded 2.0 million litres and 5.12 million litres of the commodity respectively, as at August 9, 2018.