The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) says it is collaborating with the Nigeria Customs Service to address the issue
NMDPRA reassured in a statement that there was sufficient petrol of over 1.6 billion litres as at January 26 both on land and marine.
It said; “NNPC has additionally made firm commitment to supply more volume of PMS for the months ahead to guarantee national energy security and nationwide availability at government regulated price.“The current distribution hitch is heightened by activities of cross-border smugglers, who diverts PMS meant for Nigerian market to neighbouring countries where PMS prices are significantly higher than Nigeria’s regulated price.
The statement read; “The price arbitrage between Nigeria and neighbouring countries has continued to grow due to inflation and the regional impact of the Russia-Ukraine conflict on global energy value chain including international freight rates and coastal vessels charter rates.
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