2022 PMS daily truckout has been 62.95 million litre -NMDPRA

•says price may rise to N443 per litre, N272, N250 if deregulated

By Christiana Ekpa 

Nigerian Midstream and Downstream Petroleum Regulatory Authority, NMDPRA, yesterday said that the daily truckout of Premium Motor Spirit, PMS, also called petrol in 2022 has been 62.95 million litre per day.

The Head of Finance and Account of the Authority, Adebayo Adeniyi  disclosed this when appearing before the House of Representatives Committee on Finance on the heels of the consideration of the Meduim Term Expenditure Framework MTEF and Fiscal Strategy Paper FSP from 2023 to 2025.

Adeniyi also said the Authority projected the cost of PMS per litre to be within N443, N272 and N250 depending on the effects of some factors such as the deregulation of the product, the Russian-Ukaraine war and the exchange rate of the dollar.

He said: “The average daily truck out for 2022 is 62.95 million litre per day. This from actual truck. Based on our projection for between 2023-2025, we are projecting 3.2 % increase in the GDP. We used that to project the daily truckout for 2023-2025. On the average expected open price, at today subsidy still reigns, but we expect that deregulation will come at a point. Based on an average—if deregulated, the price of petroleum will be about N272 per litre. 

“However, from our projections, 2023-2024, our projection is that the open market price will go to as high as N443 per litre. And this based on the fact of changes in dollar rate and the Ukraine war that is going on, so which stabilizes the market and the price will be going up higher and higher in the whole world. 

“For 2025, our projection for the price of PMS is N250 is this based on the hope that dollar would have stabilized and Ukraine war would have ended.”

Asked by a member of the committee, Hon. John Dyegh to clarify on the figures of 62 and 98 million litres being bandied about by the Nigerian Customs Service and the Nigerian National Petroleum Corporation Limited, NNPCL respectively, Adeniyi insisted on their own figure.

“Quite a number of statistics or people giving out all sorts of figure. Major information comes from the defunct PPPRA. What we gave you is what is obtainable is actual truck out. when we say truck-out, we mean from the depot to the retail outlets. I don’t know where other figures maybe coming out. I cannot speculate on that”, he said.

He said that all the depots in the country were discharging the product.

“All the depots operating in Nigeria are discharging products. If 1000 are discharging, it means that it”, he said.

In his remarks, the deputy chairman of the Committee, Hon. Saidu Abdullahi who presided over the session asked charged the agency to interface with others on the harmonization of the figures.

“Even yesterday, the figure NNPC Limited quote is not in tandem with your figure. You people need to reconcile your position. Even on the information—if you keep on sending figure  

“On the right path, even on the information available to the public. If you have information being churned out–different information being churned out by different agencies, you are not giving us room to appreciate what you are doing. It now gives room to allow imagination. Some people will start thinking, where are we getting it wrong? I will want you to use this platform to educate Nigerians. Last year, we had issues rested on smuggling. We discussed these issues extensively. We suggested that aquilla should deal with diversion and smuggling to other countries”, he said.