NEWS

Petrol Worth N18.88bn Stolen In 2021- Sources

….as a total of 116.46 million litres of petrol stolen

A total of 116.46 million litres of Premium Motor Spirit (PMS) popularly known as petrol, worth N18.88 billion was stolen in Nigeria in 2021.

This was disclosed by sources in the Nigerian National Petroleum Corporation Group (NNPC) who spoke with Nairametrics on Sunday.

According to the sources, huge volumes of petrol imported by the NNPC in 2021 was somehow hijacked and did not get to their target destinations.

The sources said, “A total of 116.46 million litres of petrol worth N18.88billion was stolen in 2021. The products were lost through four pipeline segments including Atlas Cove-Mosimi and Atlas Cove-Idimu-Satellite, Mosimi-Ibadan, Ibadan-Ilorin and Port Harcourt-Aba.

“For the month of January 2021, a total of 6.371 million litres of petrol was lost through three pipeline segments, excluding that of Port Harcourt-Aba, as there was no pumping operation on the line in January. The ex-depot price of petrol was N143.17/litre.

“Petrol stolen in January 2021 was N943.92million. In the months of February, March and April 2021, we lost 5.317 million litres, 5.722 million litres and 7.366 million litres of petrol, valued at N787.88million, N855.28million and N1.09billion respectively. In May, June and July 2021, NNPC lost 14.157 million litres, 10.585 million litres and 9.329 million litres of petrol respectively.”

According to the sources, a comprehensive report on the theft of oil in the sector will be released by the NNPC later today.

(Nairametrics)

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