• Fuel importation to stop in 18 months

fuelNigeria is working to end importation of petrol in the next 18 months, the Minister of State for Petroleum Resources, Dr. Ibe Kachikwu disclosed on yesterday.
Kachikwu who is also the Group Managing Director of the Nigerian National Petroleum Corporation (NNPC) said in Abuja that the plan would be supported by his ongoing discussions with new joint venture partners to build refineries alongside the country’s four existing refineries in Kaduna, Warri and Port Harcourt.
He said that it was a shame that the country imports most of its domestic petrol needs, and that by the time the plan comes to fruition, the country should be able to attain self-sufficiency in providing for its domestic fuel needs.
Fuel importation has remained a major drain pipe on the nation’s scarce resources. Available statistics shows that Nigeria spent about N20.2 trillion to import petrol, diesel and kerosene between January 2010 and September 2015, according figures obtained from the Nigerian Bureau of Statistics, NBS and the Petroleum Products Pricing Regulatory Agency, PPPRA.
The sum of N12, 529, 746, 397, 978. 48 was spent on the importation of 102,374,588,480.91 litres of petrol (Premium Motor Spirit). An amount of N6,450,576,065,479.43 was spent to import 16,679,065,103 litres of diesel (Automotive and Gas Oil). Between January 2012 and September 2015, N1,271,500,290,241 was spent on the importation of 9,448,409,070 litres of kerosene.