No More N600/litre: Petrol Sells For New Price as Customs Explains Differences in NNPC Pump Rate
- The Nigeria Customs Service said the price of Petrol Motor Spirit products increased to ₦900 per litre due to smuggling
- It declared that 26,950 litres of petroleum products smuggled into the Republic of Benin had been found
- Meanwhile, a litre of petrol from the NNPC Limited costs less than ₦600 at the pump price
PAY ATTENTION: Legit.ng Entertainment Awards 2024 Voting Is Alive. Choose the best entertainer in 15 categories for FREE.
Legit.ng journalist Zainab Iwayemi has over 3-year-experience covering the Economy, Technology, and Capital Market.
Comptroller Kehinde Ejibunu, the national coordinator of Operation Whirlwind for the Nigeria Customs Service, said the price of Petrol Motor Spirit items increased to N900 a litre due to smuggling.
Source: Getty Images
Ejibunu also declared that 26,950 litres of petroleum products—worth around N19 million— being smuggled into the Republic of Benin had been found.
According to data from the National Bureau of Statistics (NBS) in its most recent report on PMS, customers paid an average retail price of N701 for gasoline in April 2024, which represents a 176.02% increase over the amount reported in April 2023 (N254.06).
PAY ATTENTION: Click “See First” under the “Following” tab to see Legit.ng News on your Facebook News Feed!
Currently, the Nigerian National Petroleum Company Limited offers petrol at a pump for less than N600 per litre.
Why petrol price increased?
During a news conference at the Nigeria Customs Service's state command office in Abeokuta, Ogun, Ejibunu stated that the smugglers' operations often contribute to the nation's fictitious shortage of petroleum goods, which drives up prices.
Giving more information on the team's efforts, he stated that in less than two weeks, the seized petroleum products—which totalled 26,950 litres and were contained in 978 kegs of 25 litres each—were impounded in Zone A of the Nigeria Customs Service, which includes the states of Lagos and Ogun.
According to him, the special team was formed two weeks ago by NCS Comptroller-General Bashir Adeniyi in order to intensify efforts to apprehend those who smuggle petroleum products out of the nation.
“In just about two weeks of operation, the Operation Whirlwind team, Zone A axis intercepted 26,950 litres of premium motor spirit worth N19m."
According to Ejibunu in a Channels TV report, the threat that smugglers' unpatriotic actions bring to the Nigerian economy cannot be overstated, which is why working together with other pertinent agencies is essential to defeating the saboteurs.
Further information provided by Ejibunu revealed that on May 31, 2024, 121 kegs of PMS, each containing 25 liters, or 3025 liters, were discovered at Oyinkansola Global Concept on Badagry/Seme Road in Lagos State.
“77 drums of PMS (616 kegs of 25 litres) equivalent to 15, 400 litres was seized on Friday, June 7, 2024, at Seayab Petroleum along Imeko/Obada road in Ogun State. The means of conveyance is a truck with the registration number 95D4244D”.
He added that another 100 kegs of PMS, each containing 25 liters, or 2,500 liters, were impounded on Saturday, June 8, along Owode/Atan Road in Ogun state while 141 kegs, or 6,025 liters, total, were confiscated at Julankoly Oil and Gas, located along Owode/Ilaro Road.
The gas stations implicated in the illegal activity, according to Ejibunu, have been closed, and their owners will face legal action.
He urged everyone involved in illegal acts of undermining the nation's economy to either repent or face consequences under the current legal system, stating that the seized merchandise would be condemned and put up for auction shortly due to its combustible nature.
Group speaks on adopting new exchange rate
Legit.ng earlier reported that the presidential committee on fiscal policy and tax changes suggested the adoption of N800/$1 for calculating customs import duty payments.
The committee's chairman, Taiwo Oyedele, stated this in Lagos at a meeting with the media regarding the work of the tax panel.
Proofreading by James Ojo Adakole, journalist and copy editor at Legit.ng.
PAY ATTENTION: Donate to Legit Charity on Patreon. Your support matters!
Source: Legit.ng
