Border Closure Crashes Prices of Petrol, Diesel
By Obinna Chima in Lagos and Chineme Okafor in Abuja
Confirming the drz̄op in petrol smuggling, the Group Managing Director of the Nigerian National Petroleum Corporation , Malam Mele Kyari, yesterday disclosed that the volume of petrol evacuated from depots to filling stations across the country has dropped significantly. But in his tweet, Mele Kyari said: “Significant drop in PMS evacuation from fuel depots noted since August 22nd. May be connected to border closure and other interventions of the security agencies aimed at curbing smuggling. We will contain smuggling of PMS.”
The daily consumption figures rose to 65,938,603.99 litres in January 2019; but dropped to 56,855,696.76 litres in February of same year, before heading down to 30,988,903.59 litres in March 2019. In April of the same year, it rose again to 63,334,876.75 litres and further to 67,606,434.87 litres in May before climbing down to 53,093,286.55 litres in June.
However, Rewane report showed that the prices of turkey has since gone up by 38.46 per cent to N1800 per kg and rice up 12.5 per cent to N18,000 The report showed that money supply expanded as the CBN open market operations activities intensified.
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