The recent closure of Nigeria’s borders has significantly led to a reduction in the smuggling of Premium Motor Spirit, popularly known as petrol, out of Nigeria, the Nigerian National Petroleum Corporation has said.
There were reports in July reported that smugglers took the commodity to as far as Burkina Faso, Mali and Cote d’Ivoire.
However, the Group Managing Director, NNPC, Mele Kyari, tweeted that the closure of Nigeria’s borders towards the end of August, as well as other interventions, had helped in reducing the smuggling of petrol.
“Significant drop in the 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 the PMS,” Kyari stated.
The NNPC had stated in July that petrol was being smuggled to neighbouring Ghana, adding that this was largely due to the price disparity of petrol between Nigeria and the West African country.
The corporation explained that while the pump price of petrol in Nigeria was N145 per litre, the cost in many other West African markets was about N350 per litre.
It noted that one of the major reasons why this happened was because of the differentials between the pump price of petrol in Nigeria and what obtained in those West African markets.
According to the NNPC, smugglers see the incentive in smuggling the product from Nigeria to other locations in West Africa.
It stressed that the oil firm was working hard to close up that incentive. The NNPC said in some of the markets, the pump price was around N430 per litre.