The Nigerian National Petroleum Corporation, NNPC has said that smugglers of Premium Motor Spirit, popularly known as petrol, smuggle the commodity to as far as Burkina Faso, Mali and Cote d’Ivoire.
The NNPC also stated that the commodity was being smuggled to neighbouring Ghana, adding that this was largely due to the price disparity of PMS between Nigeria and the West African countries.
The corporation’s Chief Operating Officer Downstream, Henry Ikem-Obih said this during 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 145 naira per litre, the cost in many other West African markets was between 350 to 430 naira per litre.
He noted that 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.