Nigerian oil marketers led by state owned Nigerian National Petroleum Company Limited (NNPC) have been engaged in massive importation of fuel including petrol and diesel despite local availability at the giant Dangote refinery, data show.
NNPC and and other oil marketers in the country imported a whooping 1.5 million metric tonnes of petrol and 414,018.764 metric tonnes of diesel respectively between October 1 and November 11, 2024, a document obtained by the press. These petroleum products imported into the country are valued at about $1.9 billion or nearly N3 trillion, according to one estimate.
The shocking disclosure that the state owned oil firm and others were still importing fuel came after the well respected General Overseer of the Redeemed Christian Church of God Enoch Adeboye, said influential figures in the oil and gas sector were working to sabotage private refinery initiatives by continue to engage in fuel importation for frivolous reasons. He made the claim during the church’s annual Abuja Special Holy Ghost Service, themed ‘Total Restoration’.
Nigeria, Africa’s most populous nation has been in the throes of a debilitating foreign exchange crisis that has led to factory closures and a record exit of multinational firms exiting the country but no one is telling Nigerians how the fuel importers are managing to source dollars for the importation of fuel.
On Friday the naira weakened to N1,740/$ on the parallel market, lower than the N1,720/$ it closed the previous day. Likewise, on the official forex market, the NAFEM, the naira depreciated marginally to N1,652/$ yesterday, compared with the N1650/$1 it closed the previous day. All signs of a misalignment in government policies and failure of the government to prioritize domestic refining of petrol.
Questions have been raised about the specifications of the imported fuel products with Dangote refinery claiming that those who import petrol on grounds of more competitive pricing are importing low grade products. There has also been accusations that the imported fuel are linked to sanctions tied products from Russia that deliberately undercuts global prices so as to sell its oil products after the US and countries in Europe imposed restrictions on Russia following its invasion of Ukraine.
Oil importation data obtained by the press on Friday revealed the movement of motor tanker vessels during the period, indicating that 13,500 metric tonnes of jet fuel was brought into the country during the 42-day period.
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