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Petrol: Nigeria Receives N823Bn Product From Europe In One Month

Nigerian port jetties took delivery of N823 billion ($1billion) Premium Motor Spirit (PMS) from United Kingdom and Norway between May and June 2023. Within the period, United Kingdom exported $944 billion, while Norway exported $61.12 million of the product.

However this month, only 80,000 tonnes (80 million litres) valued at $40 million will be discharged by five ships at Warri, Lagos and Rivers ports fuel jetties, following the decision of Nigerian National Petroleum Company Limited (NNPCL) to cut PMS imports in August.

The latest imports dropped by 51 per cent from the 163.59 million litres imported in July as the landing cost at port is estimated at $500.72 per tonne. In June, the company said that it would cut importation of the product once the Dangote Refinery starts pumping its refined PMS for local consumption. However, the company has not commenced active production as planned.

Besides, findings revealed that the 56 marketers licensed by the Federal Government in June, 2023 to import PMS are still finding it difficult to bring the product into the country because of scarcity and high exchange rates despite the floating of foreign exchange rates by the Central Bank of Nigeria (CBN).

It was learnt that the importers were unable to source between $25 million and $30 million to bring the fuel into the country as exchange rate is hitting N940/$. Due to scarcity of forex, Nigerian Ports Authority (NPA)’s shipping data revealed that only ST Ilhaam and ST Walga berthed this week at Warri Port with 15,000 tonnes each, while Ayodele has been moored at Rivers Port with 10,000 tonnes.

It noted that 30,000 tonnes would be offloaded at Lagos jetties from Ostria laden with 10,000 tonnes and MT. Sherlock, 20,000 tonnes. Also in July, only nine vessels brought 163, 594 tonnes (163.59 million litres) valued at $82 million (N61.4 billion) to the country.

In June, 204,000 tonnes (204 million litres) were offloaded by 12 vessels at the various jetties, leading to a drop of 19.9 per cent. It would be recalled that in May, 377, 644 tonnes (377.6 million litres) were ferried into the country by 20 vessels, the imports were higher that the June delivery by 46 per cent, leading to a total import 745, 238 tonnes in four months.

It was learnt that importers would need $60 million daily or $1.8 billion monthly to guarantee the smooth supply for consumption. According to Petroleum Products Pricing Regulatory Agency (PPPRA), the cost of petrol and freight stood at $500.72 (N375, 540) per metric tonne or 375.5 per litres.

Other cost elements that make up the landing cost include: lightering expenses (N4.57), insurance cost (N0.21), Nigerian Ports Authority charge (N2.38), Nigerian Maritime Administration and Safety Agency charge (NIMASA) (N0.23), jetty throughput charge (N1.61), storage charge (N2.58) and financing (N1.33).

It was revealed by the Nige- rian Ports Authority (NPA)’s shipping position that only one vessel, STI Bronx would berth at Lagos port’s jetty with 27,294 tonnes this week, add- ing that Tin Can Port would take delivery of 67,000 tonnes from MT Levanto laden with 10,000 tonnes; MT Lady Doyin, 20,000 tonnes; MT Ostria, 17,000 tonnes and MT Zonda, 20,000 tonnes.

Also, Warri and Calabar ports would take delivery of 30,000 tonnes and 39,300 tonnes respectively from five vessels. At Warri Port, Tornado and Vardar are being expected with 15, 000 tonnes each, while MT Berners, 15,000 tonnes; MT. Kobe, 15,000 tonnes and MT. Coromel, 9,300 tonnes are being jostling to offload their products at Calabar Port.

SOURCE: newtelegraph ng

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