BusinessDay

N12.75bn petroleum products lost in eight months – NNPC

The Nigerian National Petroleum Corporation (NNPC) has put the value of petroleum products lost from January to August this year at N12.75 billion.

Data obtained from the NNPC showed that N1.71 billion worth of petroleum products was lost in January; N1.83billion in February; N1.59billion in March, and N1.64billion in April.

The value of products lost stood at N1.54billion in May; N1.40bn in June; N1.37 billion in July, and N1.67billion in August.

The NNPC said in its latest monthly report that “Products theft and vandalism have continued to destroy value and put NNPC at disadvantaged competitive position.

Read Also: Why NNPC needs to pay attention to Shell’s exploration, development of renewables

“A total of 806 vandalised points have been recorded between August 2019 and August 2020.”

It said a total of 37 pipeline points were vandalised in August, representing about three per cent increase from the 36 points recorded in July.

The corporation said ATC-Mosimi and Mosimi-Ibadan accounted for 38 per cent and 24 per cent respectively, while PHC-Aba and the other locations recorded 22 per cent and the remaining 16 per cent of the total breaks.

“NNPC in collaboration with the local communities and other stakeholders continuously strive to reduce and eventually eliminate this menace,” the report said.

The NNPC said to ensure continuous increased fuel supply and effective distribution across the country, a total of 0.95 billion litres of Premium Motor Spirit (petrol), translating to 30.53 million litres/day were supplied in August.

Get real time updates directly on you device, subscribe now.