Good News as Customs Resells Seized Petrol at Discounted Price to Nigerians
- The Nigeria Customs Service said it auctioned 25,162 litres of seized petrol to residents in Sokoto State
- The seized petrol was sold at a rate far cheaper than what is obtainable at filling stations across the country
- Reports indicate that in some states, some motorists pay over N1,000 per litre to buy fuel at black markets
Legit.ng journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends.
The Nigeria Customs Service (NCS), Sokoto/Zamfara Command, has auctioned off 25,162 litres of seized petrol to the public in Sokoto State.
Source: Getty Images
Kamal Muhammed, the Area Controller, confirmed this development during a press briefing in Sokoto on Wednesday, July 10.
According to him, the auction was conducted in strict adherence to existing laws and with the approval of the Comptroller General of Customs, Bashir Adeniyi.
His words:
"In compliance with the directives of the Comptroller General, we recently auctioned off 11,270 litres of Premium Motor Spirit (PMS) intercepted by our operatives under Operation Whirlwind.
"However, due to our intensified efforts against petroleum products smuggling, we seized a total of 55,164 litres of PMS during this period, with a Duty Paid Value (DPV) estimated at approximately N39 million."
Customs sells petrol at a discount price
Muhammed revealed that the fuel auction was conducted at a token price of N180 per litre.
The area controller also spoke on the smuggling activities.
"Despite the removal of subsidies, Nigeria maintains one of the lowest prices for PMS globally, averaging N701.99 per litre, compared to N2,061.55 in Cameroon, N2,128.20 in Mali, and N1,672.05 in the Republic of Benin,."
"The NCS remains resolute in our mission to disrupt illegal trade activities. We will continue to enforce the law and ensure that those engaged in smuggling face the full consequences of their actions."
Dangote announces sale of fuel
Legit.ng reported that Nigeria's foreign exchange (forex) problem and the significant pressure it puts on the local Naira currency can be resolved by the Dangote Oil Refinery and Petrochemicals company, S&P Global, an international financial analytics company, has said.
As part of its evaluation of Nigeria's sovereign credit ratings, S&P Global, which has its headquarters in Manhattan, New York City, revealed this information while on site at the Dangote Refinery in Ibeju-Lekki, Lagos.
According to S&P, Nigeria's oil industry and expanding economy would benefit from the world's largest single-train refinery complex.
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Source: Legit.ng
