Business

Petrol smugglers truckout N2.85bn worth of product daily

SUBSIDY

MOMAN says Nigeria has been subsidising petrol for neighbouring countries

About 2.85 billion worth of Premium Motor Spirit (PMS) also known as petrol was smuggled out of Nigeria daily to neighbouring countries like Benin Republic, Niger Republic among others, because of fuel subsidy regime being in operated in Nigeria.

 

A report by Major Oil Marketers Association of Nigeria (MOMAN), which gave this hint, noted that 23.33 million litres, being 30 per cent of the total daily volume of daily pet-rol truckout is being smuggled out of Nigeria. The fuel marketers maintained that the absence of subsidies in neigbouring countries had created the incentive to smuggle about 30 per cent of petrol meant for Nigeria to the neighbouring nations.

 

The daily truckout is, according to data from the Nigerian National Petroleum Corporation (NNPC), about 60 million litres daily and the 30 percent is 23.333 million litres. According to a publication by the Major Oil Marketers Association of Nigeria (MOMAN), Nigeria had been subsidising petrol for neighbouring nations for many years. Using N122.38 per litre old exdepot price, the 23.3 million litres amounted to N2.851454 billion.

 

In the publication, which was signed by the MOMAN Chairman, Adetunji Oyebanji, and sighted by New Telegraph at the weekend, the oil marketers stated that the continued payment of subsidy on petrol was not sustainable. They argued that in many neighbouring countries that had no oil, the issue of subsidies on petrol products did not exist.

 

“In fact, absence of subsidies in our neigbouring countries has for many years fuelled the incentive to smuggle an estimated 30 per cent of our daily consumption; in effect, we have been subsidising our neighbours,” MOMAN stated. It added: “We must understand that our oil resources are running out.

 

If this is not enough cause for concern, every day, we see alternative forms of energy being developed and becoming more viable. “This inevitably will mean that one day in the future, we will either run out of oil or no one will want to buy it because of cheaper alternatives.”

 

The association noted that the question then becomes how we could afford subsidies at such time. It said some other oil rich countries decided to go the route of unbridled subsidies but were currently flirting with bankruptcy.

 

The major marketers observed that as a consequence of deregulation, prices at the pump would have to adjusted to reflect the realities of changes in ex-depot prices by the Pipelines Product Marketing Company.

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