The Petroleum Products Pricing Regulatory Agency (PPPRA) has said over 18 billion litres of Premium Motor Spirit (PMS) were supplied in Nigeria last year.
In a report, the agency said total quantity of PMS supplied across the nation as at November 2019 was 18,623,992,092 litres and that the PMS average sufficiency was 40.68 days.
Its Executive Secretary, Abdulkadir Saidu, emphasised the need for enhanced private participation in refining and revamping the refineries for improved production.
He said 1,612 vessels laden with various petroleum products docked on the nation’s waters. A breakdown of marketers’ performance shows that the Nigerian National Petroleum Corporation (NNPC) was responsible for 99.61 per cent of the total 19,175,737,226 litres of petrol that was imported while Major Oil Marketers of Nigeria (MOMAN) imported 0.39 per cent.
On the other hand, 166,332,185 litres of PMS were produced locally.
Other petroleum products imported were 4,586,878,439 litres of AGO, 128,110,313 litres of HHK, 951,769 084 litres of ATK, 306,791,987 litres of Base Oil, 125,561,557 litres of Bitumen and 45,980,957 litres of LFPO.
Saidu disclosed that fiscalisation of imported products was efficiently carried out at seaports by industry recognised cargo inspectors, in conjunction with the PPPRA field staff members at seaports.
The PPPRA chief commended some marketers for sustaining the development of the sector, despite global economic challenges.
This, he said, was evident in the number of new facilities that emerged in the downstream subsector of the industry.
Saidu reiterated that the agency will continue to ensure transparency in the oil and gas value chain by making available reliable data to strategic government agencies, such as NEITI, CBN and NBS, for adequate planning and decision making.
The agency will also continue to collaborate with the NNPC and other oil marketing companies to improve the regulatory environment as well as ensure uninterrupted products availability, he added.