Sunday, 29 November 2015

Nigeria: NNPC Loses N50 Billion Worth of Petrol to Theft

A total of 531 million litres of petrol valued at over N50 billion was lost to pipeline vandals between January and September 2015, at the problematic System 2B Pipeline network which stretches from the Atlas Cove in Lagos to Ilorin, the Nigerian National Petroleum Corporation (NNPC) said yesterday.
Managing Director of the Pipelines and Product Marketing Company (PPMC) a subsidiary of the NNPC, Mrs. Esther Nnamdi-Ogbue, said this in a presentation to the Senate Committee on Petroleum Downstream.

Mrs. Nnamdi-Ogbue said that the losses which chiefly accrued from the incessant hacking of the pipeline at the notorious Arepo to Mosimi axis of the pipeline artery has made the task of providing seamless flow of petroleum products to retail outlets more burdensome.
According to a statement by NNPC spokesman, Mr. Ohi Alegbe, the PPMC boss told senators that despite the challenge posed by the unavailability of the vital System 2B Pipeline network, the PPMC has continued to ensure that the country remains wet with petrol through massive truck-out from depots in Lagos, Oghara and recently Calabar.
Earlier in his presentation, the Group Executive Director, Commercial and Investment, Dr. Babatunde Adeniran, told the Senate Committee that the fuel situation was exacerbated by the inability of oil marketers to meet their import allocation quota due to outstanding subsidy payments.


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