Compared to the previous two months of February when a total of 23 PMS laden vessels came through the Lagos ports prior to the election, the expected import is set to be the lowest volumn of PMS to arrive the country in a while. Note that in January, 30 vessels conveying PMS arrived the Lagos port.
According to the report, MV Joyce Cargo is the only vessel conveying PMS, while the other 25 vessels are loaded with other products such as ethanol, bulk wheat, sugar, gypsum, salt and general cargoes.
Meanwhile, Jet A1 and four motor tankers are at the Lagos pilotage district currently awaiting berth. Also, there are 11 motor vessels at the port with only two laden while others are empty containers. The two containers awaiting berth are laden with general cargoes.
News continues after this ad
The NNPC has plans to end the importation of refined petroleum products
The NNPC sees the stoppage of refined petroleum products importation as the appropriate policy move to pave way for the rehabilitation of the local refineries in Warri, Port Harcourt and Kaduna, thereby domestically refining the required volume of PMS for local consumption.
In the meantime, the Federal Government will pay ₦39.9 billion for fuel subsidy
With Nigerians consuming about of 53.2 million litres of PMS every day, the implication is that an average of 1.6 billion litres is consumed within 30 days. This, multiplied by the ₦25 per litre of subsidy which the Government is expected to pay, means that FG will absorb a total of ₦39.9 billion worth of subsidy every 30 days.