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Business News of Tuesday, 18 May 2021

Source: thenationonlineng.net

Petrol sufficiency increases to 34.26 days stock

Petrol stock increased to 34.26 Petrol stock increased to 34.26

Premium Motor Spirit (PMS) petrol stock days has increased to 34.26 days sufficiency, The Nation learnt on Tuesday.

It is an indication the product could last for 34.26 days at the country’s average daily consumption of 56 million litre.

According to the Petroleum Products Pricing Regulatory Agency (PPPRA), as at 16th May, 2021, there was a stock of petrol that could last for 21.36 days.

In the previous day, according to a document obtained by The Nation, there was 20.33 days sufficiency stock.

However, the Nigerian National Petroleum Corporation (NNPC) used to maintain an average petrol sufficiency stock of about 39 to 40 days.

The document titled “Petroleum Products Stock and Days of Sufficiency Data 17th May, 2021”, noted as at 17 May, 2021, there was a land based stock of 1,196,415,582 litres of petrol.

It added that on the day under review, marine stock that is the one that berthed plus offshore was 721,985,096 litres.

The total stock, said the agency, was 1,918,400,678 litres.

The PPPRA document which explained that the land based stocked could last for 21.36 days, added that the Marine stock could last for 12.89 days, totally 34.26 days.

It should be noted that the importation of the product is a continuous process.

On household kerosene, the agency data reflected that on the day under review (17th May, 2021), there was 21.95 days sufficiency stock.

It said there was 16,244,025 litres of the product available as land based stock while there was non as marine stock.

On Automatic Gas Oil (AGO) popularly known as diesel, the document noted the country had a stock that could last for 33.76 days.

It said 472,647,558 litres of the product was available on the day under review.

While 346,080,837 litres were land based, 108,566,721 litres were marine based stock- offshore.