It appears petrol scarcity is not in sight, at least during the coming yuletide season and in the foreseeable future.
This is according to the Petroleum Products Stock Data, compiled by the Petroleum Products Pricing Regulatory Agency (PPPRA).
According to the data available on the PPPRA website, the current stock level of Premium Motor Spirit (PMS), also known as petrol or gasoline, stands at 2.705billion litres.
READ: Port Harcourt Refinery to get a facelift in Q1 2021 – NNPC
- Of the total litres, Land-based Stock accounted for 1.243billion litres, representing 46%.
- Marine Stock accounted for 1.462billion litres, representing 54% litres.
Further checks indicated that NNPC and two other marketer’s association – MOMAN and DAPPMA, are in charge of the product. They operate in five designated areas – Lagos area, Port-Harcourt area, Calabar area, Warri area, and Kaduna area.
- Of the 1.24 billion Land-based Stock, NNPC owns 604.7 million litres, representing 49%.
- DAPPMA owns 545.1 million litres, representing 44%.
- Major Marketers own 93.7 million litres, representing 8%.
READ: Petrol price to increase further, FG to add strategic reserves’ management cost
Of the Marine stock of 1.46 billion litres,
- 1.25billion litres belongs to NNPC and it’s offshore, while 215.59 million litres is total Jetty at Berth.
- DAPPMA owns 131.38million litres of the total Jetty at Berth, representing 61%.
- Major Marketers own 42.77million litres, representing 20%.
- NNPC owns 41.44million litres, representing 19%.
- Lagos area has the highest closing stock (596.20million litres), followed by Port-Harcourt area (212.43million litres), Warri area (198.29million litres), Calabar area (58.91million litres), and then Kaduna area (57.97million litres).
(READ MORE: NNPC to end oil-for-fuel swap system)
- As at the release of the data on November 22 by PPPRA, 10 out of 11 vessels discharged the 215.59 million litres at different Jetties, with the other vessel given nomination to discharge.
What this means
- With the national average daily consumption of PMS put at 56 million litres, it means the current stock level of 2.71 billion litres will sustain the country for at least 48 days, all things being equal.
- The only worry is affordability, considering the recent hike in petrol depot price by the Petroleum Products Marketing Company (PPMC), a subsidiary of the Nigerian National Petroleum Corporation (NNPC).
READ: UPDATE: Gas station explodes in Ipaja, Lagos, claims 8 lives, razes 25 houses, 16 lock-up shops
What you should know
- Nairametrics recently reported that the recent adjustment of the ex-depot price of petrol may result in increased pump price of the product. PPMC increased the ex-depot price of the product to N155.17 per litre from N147.67 per litre.
READ: Local refining; A panacea for Nigeria’s reliance on imported refined products
- The ex-depot price is the price at which PMS is sold by the PPMC to marketers, which indicates that marketers would be dispensing the product to motorists at a price higher than N155.17 per litre. Hence, the average current pump price of PMS is N170 per litre.
