Friday , June 21 2024
Fuel

Smuggled Nigerian petrol floods W’African markets, sells N1,700/litre

The Federal Government, on Monday, raised the alarm over the renewed smuggling of Premium Motor Spirit, popularly called petrol, following the massive hike in the pump price of the commodity in neighboring countries.

It stated that while the average price of petrol in Nigeria was about N701/litre, the average cost of the product in neighboring countries was N1,787/liter, a development that heightened PMS smuggling out of Nigeria in the past two weeks.

The Comptroller-General of the Nigeria Customs Service, Adewale Adeniyi, who disclosed this at a press conference in Yola, said the NCS had to join forces with the Office of the National Security Adviser to tackle the menace.

He said, “Today, we are here to update members of the public on the strategic efforts of the Nigeria Customs Service in addressing the critical issue of fuel smuggling through the recently launched Operation Whirlwind, under the auspices of the Office of the National Security Adviser.

“About a year ago, the Federal Government made the bold strategic decision to remove the fuel subsidy. This crucial step was aimed at freeing up substantial funds that could be redirected to other productive sectors of the economy, reducing pressure on our foreign exchange reserves, and diversifying economic growth.

“The immediate impact was an upward adjustment in fuel prices to reflect current realities. Despite the inflationary pressures and financial strain on households, particularly those with lower incomes, comparative studies still show that fuel prices in Nigeria remain the cheapest compared to other countries in the West and Central African region,” he stated.

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