Nigeria Pays $120 Million Demurrage Annually On Imported Fuel

30 Aug 2017   Nigeria

The federal government is currently counting significant losses arising from demurrage paid by vessels which bring in imported petroleum products into the country. Available statistics shows that the country pays $120 million annually on demurrage due to infrastructural constraints. LEADERSHIP learnt that major marketers who augment importation of products into the country reportedly build the cost into final receipts issued to the Nigerian National Petroleum Corporation, NNPC, which bore the additional cost so that pump price stays at N145 per liter for Premium Motor Spirit, PMS also called fuel. LEADERSHIP reports that infrastructural constraints has continue to have a significant impact on the distribution of petroleum products; with 70 per cent of Nigeria’s domestic petroleum products demands being met through petroleum importation. As at 2016, Nigeria spent N2.5 trillion on the importation of refined petroleum products according to data from the Nigerian Bureau of Statistics (NBS), making […]

Comments are closed.