Importation of Premium Motor Spirit (PMS) has increased by 10.8 per cent in the first quarter of 2024. Findings by New Telegraph revealed that the country had imported 2.86 million tonnes of petrol valued at N3.63 trillion between January and March 2024 as against the N3 trillion spent in Q1’23 on the product.

According to National Bureau of Statistics (NBS), in January, the country spent N 1 trillion on PMS importation; February, N879 billion and March, N913 billion. Import statistic obtained from Nigerian Ports Authority (NPA)’s shipping data indicated that the port jetties took delivery 826, 283 tonnes (N566 billion) in March.

Also, data obtained from the Nigerian National Petroleum Company Limited (NNPCL) portal revealed that 936, 320 tonnes of the fuel worth N1. 43 trillion ($891 million) was shipped into the country in February, 2024, while 1.10 million tonnes valued at N1.63 trillion ($1.02 billion) were bought in January, 2024.

Within the period, 78 vessels offloaded 2.85 million tonnes of the fuel products as the Federal Government has failed to make any of the refineries functional including the much talked about Port Harcourt refinery that was supposed to have commenced production in December.

No fewer than 23 vessels were hired by the Nigerian National Petroleum Company Limited (NNPCL) in January 2024 to ferry 1.11 million tonnes of PMS, while 20 vessels were contracted to bring the fuel in February 2024.

In January, Northern Light ferried 59,785.2 tonnes; Ariadne, 57,196.8 tonnes; Sunny Star, 30,351.18 tonnes; Chip, 29,926.022 tonnes; Darnia, 29,887.36 tonnes; Carribean Star, 36,990.52 tonnes; Euro Champion, 36,149.490 tonnes; Minerva Mediterranea, 29,946.924 tonnes; 60,162.98 tonnes; Agile, 29,890.20 tonnes; Fotuo, 61,097.63 tonnes; Bellini, 38,041. 10 tonnes; Elka Delphi, 38,489.19 tonnes; Lysias, 60,109 tonnes; Clio, 59,996.52 tonnes and Leon Apollon, 38,039.99 tonnes. Others vessels are Torm Solution with 89,982.89 tonnes; BW Thalassa, 37,357.66 tonnes; Elandra Sound, 93,180.46 tonnes; Sti Milwaukee, 37,357.66 tonnes; Clear Stars, 91,734.43 tonnes; Kobe, 36,848. 20 tonnes; Torm Gwendolyn, 94,400.55 tonnes and Sebarok Spirit, 89,999.75 tonnes.

Also in February 2024, 11,400 tonnes; Elka Delphi, 38,040 tonnes; Helga, 92,500 tonnes; Leyte Spirit, 88,150 tonnes; Agnes, 59, 090 tonnes; High Seas, 38,940 tonnes; Cielo Rosso, 62,770 tonnes; Taurus, 38, 330 tonnes; Seapromise, 37, 820 tonnes; Wisco Adventure, 37,030 tonnes; St Andrews, 36, 750 tonnes; Bangus, 63,090 tonnes; Emma Grace, 37,960 tonnes; Salacgriva, 37,990 tonnes; Idi, 36,850 tonnes; Olive, 31,490 tonnes; Nord Mariner, 38,520 tonnes; Eco Yosemite Park, 37,950 tonnes; Torm Titan, 36,300 tonnes; Torm Gitte, 94,340 tonnes and Searover, 91,820 tonnes.

However, findings revealed that the country has spent over N3.63 trillion the first quarter of 2024 to ferry the product to the country through NNPCL after the assurance to make fuel products available from the Port Harcourt Refinery failed four months after. It was learnt that the delay may further spark more imports of the fuel products into the country in the subsequent months as government has not declared a new date when the refinery would commence commercial operations.

Although, the NNPCL had told the Senate that over 450, 000 barrels of oil had been stocked into the Port Harcourt refinery. The Group Chief Executive Officer of NNPCL, Mele Kyari, further explained that the Port Harcourt refinery would commence operations within the next two weeks. Kyari, who appeared before Senate Ad-hoc committee investigating the various Turn Around Maintenance (TAM) projects of the country’s refineries said that the mechanical works had been completed on the Port Harcourt, Warri and Kaduna refineries, adding that the Kaduna refinery would commence operations in December 2023.

He said: “We now have crude oil already stocked in the refinery. We are doing regulatory compliance test that must happen in every refinery before you start it, and I assure you that this Port Harcourt refinery will start in the next two weeks. “Completing the mechanical work means that you are done with the rehabilitation work, now you have to test to see how it works. Of course, we have also completed the mechanical work on the Warri refinery.

It is also undergoing regulatory compliance; processes that we are doing with our regulator, and this will soon be completed and it will be ready.” Findings revealed that the country has average crude oil production of 1.47mbpd in 2023, and production in February 2024 decreased by 6.33 m/m to 1.54 million barrels per day (mbpd) in February 2024, down from 1.63mbpd in January 2024, with a significant amount of that production encumbered through swap agreements.

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