NNPC Reveals Increase of Petrol by 264.1m Litres in One Week As NNPC Considers N400 per Litre Pump Price

• The Nigerian National Petroleum Company Limited has disclosed the amount of products still in stock.
• The products include Premium Motor Spirit, popularly called petrol, Automotive Gas Oil, Aviation Fuel and Kerosene
• Meanwhile, NNPC is considering raising the petrol price at the pump from N190-N200 to N400

The Nigerian National Petroleum Company Limited’s stock of Premium Motor Spirit, popularly called petrol, has increased significantly following the return of queues in Abuja, Nasarawa, Niger and some other northern states.

According to industry data seen over the weekend indicated that the total PMS stock of NNPC as at November 11, 2022, was 2,111,721,150(2.11 billion) litres.

This is a 264.1 million increase when compared to 1,847,558,138(1.8bn) petrol stock on the 4th of November 2022.

The document also revealed that there is an increase in petrol stock, which can meet demands for 34 days.

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Other products in stock

NNPC data which was also published by the Nigerian Midstream and Downstream Petroleum Regulatory Authority, reveals that Kerosene in stock for Nigerians is 11.25 million litres

For Diesel, also known as AGO, NNPC said there are 440.24 million litres in stock sufficient to meet demands for 30 days.

For Aviation Fuel(ATK) there are 71.76 million litres which NNPC noted will meet the demand for 23.6 days.

NNPC considers N400 pump price

Meanwhile, the Group Chief Executive Officer of NNPC Limited, Mele Kyari, suggested that petrol is currently sold at N445 exchange rate globally.

The Punch reports that Kyari told the House of Representatives in Abuja recently that without subsidy, it is not possible for Nigerians to buy fuel at N170.

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Kyari said:

“For instance, today, when PMS comes into this country, we transfer to marketers at N113 per litre for us to ensure N165 at the pump, so you must sell at N113 to them to be able to deliver at N165.

“That means whatever the cost, anything after that value, that is subsidy. Somebody has to pay for it. Everyone knows the price of PMS around the world. There is nowhere today that you can land a litre of PMS to the pumps at the N445 exchange rate, it is not possible."

Nigerian banks announce new working days, closing time

Meanwhile, Nigerian banks have announced changes to their operating hours in order to assist Nigerians holding soon-to-expire Naira currencies

The banks have already announced that they have delivered notifications of their working hours via their social media channels and customers' emails

Details of the contents of their emails and changes were captured by Legit.ng in this report.

Source: Legit.ng