Nigeria imports petrol worth USD 6 bn to tackle crisis
To combat the fuel crisis, NNPC has imported 9.8 million metric tons of Premium Motor Spirit (PMS) worth USD 5.8 billion.
To combat the fuel crisis, the Nigerian National Petroleum Corporation (NNPC) has imported 9.8 million metric tons of Premium Motor Spirit (PMS) worth USD 5.8 billion, said Dr. Maikanti Baru, Group Managing Director of the corporation during a public hearing by the Senate Committee on Public Accounts in Abuja.
Baru claimed that NNPC's provision of 9.8 million tons of petrol has helped a lot in to reduce the suffering of Nigerians due to lack of fuel. Baru in the presentation said that NNPC carried out the massive import to fulfill its statuary role of the supplier as the last resort.
Major independent marketers of fuel weren't able to import petrol because of the high landing cost which reduced the profitability owing to the regulated priced regime followed by Nigeria.
These independent marketers have been reducing the imports leading to imports due to which Nigerians have to wait for hours in the queue to get petrol.