The Minister of State for Petroleum Resources, Heineken Lokpobiri, has instructed the Nigerian National Petroleum Company Limited (NNPCL) to sell petrol at prices exceeding the current landing cost of N1,117 per litre. This measure aims to curb the smuggling of petrol to neighboring countries.
Lokpobiri made this announcement in Abuja, emphasizing that security agencies are implicated in the smuggling operations. He warned that unless NNPC imports and prices petrol above the landing cost, smuggling will persist.
Previously, Mele Kyari, the group CEO of NNPCL, met with Bashir Adewale Adeniyi, the Comptroller General of the Nigeria Customs Service (NCS), to discuss the effectiveness of "Operation Whirlwind" in reducing petrol smuggling across Nigeria's borders. Kyari noted that the evacuation of Premium Motor Spirit (PMS) to border states has decreased from 32 million litres per day to approximately 25 million litres in just two months.
Following the federal government's removal of petrol subsidies in May 2023, prices surged from about N197 to around N650 per litre. Currently, petrol is sold at an average of N701.99 in Nigeria, while prices soar to N1,672.05 in the Republic of Benin and N2,061.55 in Cameroon. In neighboring countries, PMS prices range from N1,427.68 in Liberia to N2,128.20 in Mali, averaging N1,787.57, according to trading economics data.