As part of efforts to close the gap brought about by the closure of the Port Harcourt and Kaduna refineries, the Nigerian National Petroleum Corporation (NNPC) has embarked on a massive importation of Premium Motor Spirit (PMS).
Also, major and independent petroleum marketers have continued to import PMS into the country despite the absence of subsidy in the 2016 budget.
The refineries were closed over crude supply challenges arising from recent attacks on vital oil pipelines. The Kaduna Refinery was already producing 3.2 million litres of petrol as at December last year and would have saved about $5.33 million for the country when it is 90 per cent operational. And the Port Harcourt refinery was recording a daily PMS yield of over 4.1 million litres before the attack on the pipelines.
So far, NNPC has been responsible for 78% of the total fuel consumed in the country, while the major and independent marketers fill the remaining 22% approved by the Petroleum Product Pricing and Regulatory Agency (PPPRA).