N500 Fuel: FG says N173 billion equalisation paid to ensure fuel sufficiency as price rise

The Nigerian Government has assured Nigerians of the availability of petrol, stating that it has paid approximately N173, 200, 284, 779 equalization and that 1, 277 vessels are being tracked.

This was disclosed by Minister of State for Petroleum Resources, Mr Timipre Sylva at the 16th Edition of the President Muhammadu Buhari Score Card Series in Abuja. 

He added that FG is committed to eradicating the smuggling of Premium Motor Spirit (PMS). 

Note that this comes as Nigerians have been paying as much as N500 per litre of fuel, suggesting that the fuel subsidy regime might be collapsing. 

Improved Measures: Sylva noted that the FG has implemented improved technology tracking tools and PMS equalization to close differential cost and routine end-to-end tracking of petroleum products cargos using Lloyds List Intelligence and Refinitiv technology. 

  • “255,659 truck out have been equalized, 11,622,926,494 litres equalized, approximately N173, 200, 284, 779 equalizations paid and 1, 277 supplying vessels tracked. 
  • “Also, 25,525,688,042 litres of PMS has been discharged with 66.7 million litres average daily sufficiency and 24,346,614,589 litres total truck out the volume.” 

Improved Mandate: The Minister also added that the Ministry is committed to its 9 mandates, citing progress on the completion of the gas flare commercialization program, an increment in crude oil production to three million barrels per day. 

There is also the reduction in the cost of crude oil extraction by at least five per cent, aggressive promotion of passage of the Petroleum Industry Bill, and the Deep Offshore and Inland Basin Production Sharing Contract Amendment. 

  • “Working with private sector operators to increase domestic refining capacity, collaboration with the private sector to create many well-paying jobs, and implementation of a strategy toward taking 100 million Nigerians out of poverty. 
  • “Top priorities to take 100 million out of poverty in 10 years are youth training, skills development and empowerment, corporate social responsibility, industry-driven training and talent acquisition, bid rounds and cost reduction.” 

In case you missed it: Nairametrics earlier reported that fuel sold for N450 per litre in Uyo, Akwa Ibom state, N300 per litre in Benin, Edo state, N350 per litre in Calabar, Cross River state, and as high as N500 per litre in Port Harcourt, Rivers state.  

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