The Nigerian National Petroleum Company Limited may need an estimated N201 billion worth of clean premium motor spirit (petrol) to bring 170.25 million litres of adulterated product imported the country up to standard, an analysis of industry data has shown.
The Nigerian Midstream and Downstream Petroleum Regulatory Authority had said on Tuesday that for every 200 litres of the adulterated product, 800 litres of petrol with good quality would be required for the blending that would be done.
Going by the NMDPRA’s parameter for the re-blending of the adulterated petrol, the two cargoes, containing a total of 170.25 million adulterated petrol, would require 681 million litres of clean product worth N201bn (based on a landing cost of N295 per litre).
The N201bn is a conservative estimate, as there are other costs that would be associated with the re-blending.
However, the quantity of the other two cargoes remained unknown as of the time of filing this report.
President Muhammadu Buhari has directed service providers to fully disclose relevant information concerning the consumption of their products and compensate dissatisfied consumers.
Also, the House of Representatives on Thursday demanded a probe of key stakeholders allegedly involved in the fiasco.
