NNPC boss, Mele Kyari, has revealed that the corporation needs the sum N202bn to clean 170.25m litres of dirty fuel.
Kyari narrated how adulterated fuel was imported into the country, names importers responsible.
Following this development, he went on to state that the corporation would need a whopping sum of N201bn to clean litres of dirty fuel.
Meanwhile, NNPC discovered the presence of methanol in four PMS cargoes imported by its DSDP suppliers
The Nigerian National Petroleum Company Limited disclosed it may need an estimated N201bn worth of clean Premium Motor Spirit (PMS, petrol) to bring 170.25 million litres of adulterated product imported the country up to standard, an analysis of industry data has shown.
The Nigerian Midstream and Downstream Petroleum Regulatory Authority had said that for every 200 litres of the adulterated product, 800 litres of petrol with good quality would be required for the blending that would be done
The Chief Executive Officer, NMDPRA, Mr Farouk Ahmed, during a visit to some depots in Lagos after a meeting with industry stakeholders, had said:
“All the off-spec material (product) will re-blended to very good quality, and it will be certified and recertified before it goes into the market. The component that was in excess was methanol; what we agreed was that for every 200 litres of the affected volume, we need about 800 litres to blend.”
The regulator had said that a limited quantity of PMS with methanol quantities above Nigeria’s specification was discovered in the supply chain.
The N201bn is a conservative estimate, as there are other costs that would be associated with the re-blending.
The management of MRS Oil Nigeria Plc has cleared the air on how the Nigeria Petroleum Corporation brought bad fuel into the country which is causing scarcity and an increase in the cost of transportation.
MRS also dissociated itself from reports making the rounds on social media that it is responsible for the contaminated product in Nigeria and the company is a responsible corporate citizen who will not go out of its way to harm other citizens. According to MRS, the NNPC is the sole importer of PMS into Nigeria and the NNPC, through their trading arm, Duke Oil, supplied a cargo of PMS bought from an International trader. Litsaco and delivered it with Motor Tanker (MT) Nord Gainer.
