The Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Maikanti Baru stated 4501 petrol vehicles had been merely untraceable, vanishing from the Nigerian radar, throughout the biting gasoline provide disaster.
“Due to massive diversion, hoarding, panic buying and smuggling, coupled with the information that three Direct Sales Direct Purchase Consortia had rejected October cargoes, there was insinuation of a supply gap,” he stated Thursday at an investigative public listening to by a Joint Senate and House of Representatives Committees on Petroleum Downstream, on the National Assembly Complex, Abuja.
Baru disclosed that throughout the interval, NNPC couldn’t monitor the motion of four,501 vehicles representing the amount of the disappeared merchandise.
According to him, the nation misplaced about 148,533,000 million litres of gasoline to the suspected diversion throughout the December gasoline disaster.
The NNPC GMD listed among the key elements which had been answerable for the disaster to incorporate inadequate reserve, clearance velocity, provide hole, diversion, hoarding, panic shopping for and smuggling.
He famous that previous to the crises, NNPC had 1.9 billion litres strategic reserve of Premium Motor Spirit (PMS), which might have lasted for 53 days however that on account of panic shopping for, diversion and hoarding, the Corporation was unable to deal with the every day nation consumption of 37 million litres of PMS, which led to the presence of lengthy queues at petrol stations throughout the nation.
He nonetheless stated that NNPC took some pressing steps to resolve the shortage which included however not restricted to the quick activation of conflict room, extra imports to extend days sufficiency, 24-hour operations in all NNPC Depots and mega stations; sustained media and stakeholders engagements; elevated monitoring, surveillance and sanctions in addition to manufacturing at Kaduna and Port Harcourt refineries put at three million every day.
Baru additionally used the chance to name on the Petroleum Products Pricing Regulatory Agency (PPPRA) to assessment the pricing template and touchdown price.
He additionally requested the National Assembly to approve excellent subsidy funds and money owed to entrepreneurs.