NEW TELEGRAPH
Nigerian motorists may wait longer than expected to buy fuel with ease as importation of Premium Motor Spirit (PMS) has slumped further by 33.1 per cent.
The drop is coming amid product scarcity that is already plunging the nation into crisis as prices of transportation and food items have increased by over 200 per cent.
Findings by New Telegraph revealed that unlike in the past, only seven vessels berthed with 106,500 tonnes (106.5 million litres) PMS valued at N118.7 billion this week.
It was learnt that the new imports slumped by 33.1 per cent from 159,400 tonnes in March 2024 to106,500 tonnes in August 2024 as pump price reached an average of N850 across the country.
Nigeria has been experiencing low import of PMS in the last five months due mainly to foreign exchange crisis, unexplained intrigues among stakeholders and government’s efforts to curb smuggling of the product to neighbouring countries.
According to the Nigerian Ports Authority (NPA)’s shipping data, the vessels started offloading the product since Sunday this week at Kirikiri Lighter Terminal (KLT) and Warri Port.
At KLT terminals 2 and 3, four ships will discharge 61,500 tonnes, while Warri Port will take delivery of 45,000 tonnes from three vessels.
Expected at KLT are Bedford with 15,000 tonnes; ST Ilhaam, 20,000 tonnes; Lady Doyin, 21,500 tonnes and Transko Yudhistira, 5,000 tonnes. Also, at Warri Port are Warri Ports, Zonda, 15,000 tonnes; Bora, 15,000 tonnes and ST Walga, 15,000 tonnes.
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