– President Muhammadu Buhari has approved the
importation of additional crude oil into the country
– The NNPC attributed the fuel scarcity challenge
to problems in the subsidy regime
– The corporation has intensified monitoring to
ensure full compliance
Buhari approves additional crude oil to end fuel
scarcity
Report reaching NAIJ.com reveals that President
Muhammadu Buhari has given approval to the
Nigerian National Petroleum Corporation (NNPC) to
take additional crude oil volume to guarantee the
country’s supply of premium motor spirit.
This was contained in a statement signed by Garba
Deen Muhammed, the NNPC group public affairs
division titled “NNPC determined to end fuel
scarcity” on Tuesday, March 29.
Muhammed attributed the problem to the challenge
major oil marketers face in contributing their supply
quota to the constraints in accessing foreign
exchange and outstanding subsidy obligations.
He stated that the unpaid arrears arising from the
subsidy regime had necessitated most oil
marketers to stop all forms of involvement in
petroleum products imports.
The statement reads in parts: “In line with the
change agenda of this administration, NNPC
management initiated and made progress on various
key solutions to providing a lasting end to these
issues.
“Thankfully, with the firm support of Mr. President
and the National Assembly, we greatly reduced this
debt burden and since January, 1st 2016 we have
been able to eliminate subsidy payments by
managing prices at current levels through price
modulation.
“This has resulted to savings of over 100 billion
naira monthly for the nation. Nationwide petroleum
supply and distribution have been ramped up to all
states to ensure product availability in the country.
The current supply to states is in excess of the
normal consumption especially in the five major
consuming cities.”
“We are vigorously pursuing an improved model for
‘crude oil for refined product’ exchange (the direct
sale – sirect purchase arrangement) which
eliminates inefficiencies with an attendant cost
saving for the nation of about $1 billion. This will
guarantee sustainable product supply to the nation.
“In the medium term, NNPC is working on
sustainable strategies to permanently address the
issues and challenges facing the midstream and
downstream sectors. The overarching objective is to
make Nigeria a net exporter of Petroleum products
as was the case in the 1970’s.
“Our commitment to ramp up our local refining
capacity and availability remains un-waivered with
the ongoing rehabilitation works targeted at running
all Refineries at a minimum 70% capacity utilization
within the next 6 – 8 months.
“This is in addition to our initiative of increasing the
combined capacity of the domestic refineries
through co-locating smaller but cost efficient
modular refineries within the existing refineries
premises within a time frame of 12-24 months.
“To curb storage and logistics challenges, we are
working on a joint partnership with technically and
financially capable investors to ensure that
petroleum products transportation and storage
facilities are efficiently operated on an open-access
common-carrier user-tariff basis.
“Some of these depots will be nominated as
strategic reserves while we take possession of a
strategic reserve vessel in the next 3 months.
Tangible results will be delivered within the next 3 –
6 months.
“Changes usually take time, effort and a lot of
focus. We understand the plight of Nigerians and the
impact on the overall economy.
We genuinely empathize with the attendant sufferings
and wish to reassure that we are focused and
committed to bring an end to this situation within
the next few days and we kindly call on all Nigerians
to partner with us on this journey to allowing the
whole process of change come into fruition.
He stated that the corporation has intensified
monitoring to ensure full compliance with approved
prices adding that violations of approved prices and
hoarding of petroleum products would attract
penalties which include giving out of petroleum
products free to the public, sealing off fuel stations
found to be hoarding petroleum products and
payment of a fine.
The corporation vowed to withdraw marketer’s
license, stressing that any NNPC, department of
petroleum resources (DPR), petroleum products
pricing regulatory agency (PPPRA) or government
agent found conniving or wanting will be sanctioned
accordingly in line with public service guidelines
and procedures.
It urged Nigerians to shun panic buying and report
the activities of petroleum product hoarders and
saboteurs.


https://www.naij.com/781079-just-buhari-takes-drastic-action-end-fuel-scarcity.html?poster=308

Ok, am waiting for the deadline of cheaper rice which the government stipulated it to be 1st April

There's no fuel scarcity anywhere ..


Why import more?

Buhari has been saving 100 billion monthly with additional $1 billion. Which account is all these money going into

hahahaha.i tought mr.president said dat fuel subsidy is a scam nw d pmb is importin fuel.haba wat a scam.

Hmmmmm

Wetin u no sabi big pass u

nigeria una don enter one chance, nigeria now da import crude,

Imagine if someone had built a standard refinery in the ND instead of phantom BH weapons procurement. Imagine the stress it would av saved us. We could av been exporting refined crude to boost employment.
Buhari should go for eight years. He is a our good bet to help build a modern and effecient refinery.

Sai Buhari...I think they meant petroleum products not crude oil

Are we importing crude oil or petroleum products? This is really junk journalism. I'm surprise the writer cannot differentiate between crude oil and petroleum products.

courage89:
Are we importing crude oil or petroleum products? This is really junk journalism. I'm surprise the writer cannot differentiate between crude oil and petroleum products.

It is no longer a news that Kaduna refinery can not handle Nigerian type of crude oil. We import crude oil to feed it and it helps to provide for a part of daily PMS requirement of the country.

Nigeria importing CRUDE OIL?... All these blogs sef!

OKKO:


It is no longer a news that Kaduna refinery can not handle Nigerian type of crude oil. We import crude oil to feed it and it helps to provide for a part of daily PMS requirement of the country.

Because Kaduna refinery is a "very complex refinery" does not mean it cannot handle/process light crude. The argument of why we import heavy crude to feed Kaduna refinery has always lies on the petroleum products yield.

Plus, the article did not mention that we are importing crude to feed any facility; be it Kaduna, Warri or Portharcout. Nor did it mention what type of crude we are importing.

Fake news. The source is not reliable.