We have sufficient fuel, scarcity artificial, caused by smugglers – NMDPRA

There is sufficient petrol in the country with over 1.6 billion litres of January 26, the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has said.

It stated this in a statement on Friday, adding that the authority would supply more volume of petrol for the months ahead to guarantee national energy security and nationwide availability at the government-regulated price.

The regulatory body said the current distribution hitch was heightened by activities of cross-border smugglers diverting petrol meant for the Nigerian market to neighbouring countries where petrol prices are found to be significantly higher than Nigeria’s regulated price.

“We are engaging and collaborating with the Nigeria Customs Service to address this issue. 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 the global energy value chain including international freight rates and coastal vessels charter rates,” the statement said.

NMDPRA also said the ongoing government effort to rehabilitate strategic Nigerian roads ahead of the rainy season had necessitated rerouting of tanker trucks conveying petroleum products to alternative roads, therefore increasing transit time and associated cost of product transportation.

It said the NNPC and stakeholders had done modest adjustments in the cost of product transportation to cater for the impact of high diesel prices on transporters.