Fuel imports gulp N843bn, stakeholders lament inactive refineries

Oil marketers said the average ex-depot price of petrol from the only importer of the commodity was N580/litre. NNPCL is the sole PMS importer currently. Other marketers stopped importing the product due to their inability to access foreign exchange, among others.

With the average daily consumption of petrol at 48.43 million litres and an average ex-depot price of N580/litre, the national oil company would spend N28.1bn daily on PMS imports.

In 30 days, the cost of importing the commodity is going to be about N843bn, going by the fact that NNPCL now pays cash for PMS imports.