Speaking at the ongoing Nigerian Oil and Gas Conference and Exhibition in Abuja, Chief Operating Officer, Downstream of the NNPC, Mr. Henry Obih, stated that the mandate to determine actual consumption of Premium Motor Spirit, PMS, also known as fuel,
has been given by the National Executive Council to the NNPC, directing it to work with relevant agencies in this regard.
Actual fuel consumption had been a controversial issues over the last couple of months, as the consumption figure is what determines the amount the NNPC deducts from its revenue before making remittances to the Federation Account, with the return of fuel subsidy, now known as under-recovery.
The NNPC had put Nigeria’s fuel consumption at 65 million, blaming the sharp rise from about 35 million barrels per day, on rising cases of smuggling of the commodity as evidenced in the proliferation of petrol stations along the country’s borders.
However, governors of the 36 states had faulted the 65 million litres per day consumption figures, stating that it was a ploy by the NNPC to cut down on its remittances to the Federation.
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