Panic Rises As Smuggled Nigerian Petrol Soars To N1,700/Litre

• Smuggled Nigerian petrol floods West African markets, selling at N1,700/litre.

• Federal Government raises alarm over petrol smuggling into neighbouring countries.

• Customs seizes over 150,000 litres of smuggled petrol, launches Operation Whirlwind to curb activities. 

EKO HOT BLOG reports that the Federal Government raised an alarm on Monday about the resurgence of petrol smuggling, particularly Premium Motor Spirit (PMS), into West African markets following the significant hike in petrol prices in neighboring countries.

Despite the average petrol price in Nigeria being around N701 per litre, neighboring countries are selling it at an average of N1,787 per litre. This price disparity has led to a surge in petrol smuggling over the past two weeks.

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Adewale Adeniyi, the Comptroller-General of the Nigeria Customs Service (NCS), disclosed this at a press conference in Yola.

He emphasized the NCS’s collaborative efforts with the Office of the National Security Adviser (NSA) to combat this issue through Operation Whirlwind. This initiative aims to curb the smuggling of PMS and ensure Nigerians benefit fully from the deregulated fuel prices.

Adeniyi highlighted that the removal of the fuel subsidy about a year ago was a strategic move by the Federal Government to redirect funds to other productive sectors, reduce pressure on foreign exchange reserves, and promote economic diversification.

However, the consequent increase in fuel prices has made petrol prices in Nigeria the cheapest in the West and Central African regions, inadvertently encouraging smuggling.

Smuggled Nigerian Petrol

He noted that while PMS sells for about N701.99 in Nigeria, it costs N1,672.05 in the Republic of Benin and N2,061.55 in Cameroon. The price in Liberia is N1,427.68 and in Mali, it is N2,128.20, with an average of N1,787.57 across the region.

This price discrepancy has led to a surge in petrol smuggling, particularly in border states such as Borno, Kebbi, Sokoto, and Taraba, which have seen significant increases in fuel evacuations.

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To tackle this, Operation Whirlwind, initiated two weeks ago, has made substantial seizures of smuggled PMS.

These include over 150,000 litres intercepted in various locations nationwide, valued at over N105 million. Adeniyi stated that continued efforts and stricter monitoring would be implemented to curb smuggling and ensure the availability of petrol within Nigeria, maintaining national security and economic stability.

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