The Nigerian National Petroleum Corporation, NNPC has revealed that smugglers of Premium Motor Spirit also called Petrol smuggle the commodity to as far as Burkina Faso, Mali and Cote d’Ivoire.
The corporation stated that the commodity was also being smuggled to neighbouring Ghana saying that it was largely due to the price disparity of PMS between Nigeria and the West African countries.
Chief Operating Officer, Downstream, Henry Ikem-Obih according to Punch stated this at a panel session at the ongoing Nigeria Oil and Gas conference in Abuja.
He explained that while the pump price of PMS in Nigeria was N145 per litre, the cost in many other West African markets was between N350 to N430 per litre.
According to him, the smugglers saw the incentive in smuggling the product from Nigeria to other locations in West Africa but stressed that the oil firm was working hard to close up that incentive.
Meanwhile, he noted that there was some level of reduction in the volumes being smuggled adding that the NNPC had been collaborating with the Nigeria Customs Service and other security agencies to address the issue and expressed hope that the smuggling of PMS from Nigeria would end soon.