Business

PMS: 18 vessels arrive Nigeria with N64.05bn product

Eighteen vessels have berthed within the last one week at the various petroleum jetties to offload some 344,361 tonnes (344.36million litres) of Premium Motor Spirit (PMS) valued at N64.05billion.

 

The landing cost of Premium Motor Spirit in the country had increased to N186.33 per litre, while the freight cost was increased to $35.41 per tonne from $30.04 per tonnes since last month.

 

Despite this, Nigerian National Petroleum Corporation had ruled out increase in the ex-depot price of petrol in March, 2021. At the Lagos Port jetties, four vessels have been moored to offload 97,863 tonnes of the fuels at Single Bouy Mooring (SBM), Atlas cove Jetty (ACJ) and Petroleum Wharf Apapa (PWA). According to the Nigerian Ports Authority (NPA)’s shipping position, Sven has arrived ACJ with 38,000tonnes, while Zonda berthed with 30,000 tonnes at PWA. Also, Amala and Pike have been moored at SBM with 59,863 tonnes and 60,000 tonnes respectively.

 

At Kirikiri Lighter Terminal (KLT) II, Halima and Sea Horse have offloaded 10,000 tonnes and 10,000 tonnes respectively. St. Nenne with 15,000tonnes and Safe Sea Neha III, 10,000tonnes are currently discharging the product at Calabar port. Similarly, no fewer than nine vessels have berthed at Warii Port with 104,298 tonnes of PMS with Capt. Gregory laeding with 15,000 tonnes; Matrix Pride,

 

15,000tonnes; St Walga, 15,000tonnes; St Amrah, 15,000tonnes; Halima, 14, 000tonnes; Keonamex Victory,12, 500tonnes; Sea Pearl, 10,000tonnes Coromel, 7, 998tonnes and Notus, 7,000 tonnes. The Petroleum Products Pricing Regulatory Agency (PPPRA) had said that the landing cost of petrol had risen to N186.33 per litre.

 

 

 

Other cost elements that built up the landing cost include N4.57 lightering expenses, N0.25 insurance cost; 2.58 storage charge N1.33 financing; N2.38 Nigerian Ports Authority (NPA) charge; N0.23 Nigerian Maritime Administration and Safety Agency (NIMASA) charge; N10.29 freight and N1.61jetty throughput charge.

 

Data obtained from Statistca portal revealed that between the first quarters of 2018 and third quarters of 2019 the country imported 30.72billion litres of fuel. It added that in 2018, the country imported 20.15billion litres of petrol and 2019 10.57billion litres Since the beginning of the year, crude oil prices have continued to rise, leading to an increase in the landing cost of petrol.

 

The Managing Director of the Nigerian National Petroleum Corporation (NNPC), Mele Kyari, had said that there would be no allocation for fuel subsidies in the 2021 budget. It would be recalled that in 2020, a sharp decline in global crude prices triggered by coronavirus pandemic completely wiped out the subsidy via significantly lower landing costs, opening the way for a reduction in the pump price of petrol in mid-March and paved the way for fuel deregulation.

 

Also, between June and November 2020, the price of petrol was revised four times, rising from N121.50–N123.50 per litre in June to N140.80- N143.80 in July 2020, N148-N150 in August 2020, N158-N162 in September 2020 and N165-N170 in November 2020.

 

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