Several government security forces operating across the country recovered stolen oil worth N86.2 billion in August, according to The Punch’s findings.

A total of 16,000 liters of diesel worth N800/litre (N12.8m) was reported to have been recovered Monday by members of the Nigeria Security and Civil Defense Corps in Cross River.

Speaking to the media, Rivers State NSCDC commander Samuel Fadeyi said the stolen products, primarily Automotive Gas Oil, also known as diesel, had been recovered in the past two weeks.

The Nigerian Customs Service, NCS, Seme Area Command, also said last Wednesday it intercepted 3,998 Premium Motor Spirit, PMS jerry cans of 30 liters each, equivalent to 119,940 liters.

The products were approximately four tanker loads of 33,000 liters each, according to the Customs Area Controller, Bello Mohammed Jibo.

The Nigerian Midstream and Downstream Petroleum Regulatory Authority, NMDPRA, recently approved a price of N191 per liter of PMS (highest range). An estimate of how much Nigeria would have lost had the 119,940 liters reached the Republic of Benin would have been N161m.

The seized petroleum product had a Duty Paid value of N28.9 million.

Unlike in Nigeria, where the federal government subsidizes petrol, in the Republic of Benin one liter of petrol is currently sold to N396. If the 119,940 liters of petrol had arrived safely in the neighboring country, it would have sold for at least N47m.

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Between 2006 and 2018 alone, the federal government spent the amount of N9.84 trn on gasoline subsidies. And just like this year, a new N4trn had arrived.

A report from The PUNCH by July, subsidy on petrol at N2trn had estimated in seven months. A source close to the case had hinted that although Nigeria consumed 60 million liters of petrol per month, marketers had loaded up to 106 million liters per month as of April, bringing the total number of liters of petrol smuggled to 46 million per month.

Last week, the Nigerian Navy confirmed the arrest of a supertanker, MV HEROIC IDUN, by Equatorial Guinea troops for alleged theft of crude oil in Nigeria. The arrest was made after it fled the AKPO oil field in Nigeria when its activities were discovered by naval agents.

The International Maritime Organization supertanker number 9858058 had a capacity of 299,995 MT.

One tonne of crude oil contains just over seven barrels of crude oil, bringing the total crude oil tanker capacity to 2.1 million.

Brent International was $96 a barrel last week. Nigeria’s crude, Bonny Light, usually sells for $1 and more Brent.

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Assuming Bonny Light was $97/b last week, 2.1 million barrels would have been sold for $204 million, equivalent to N86 billion.

An addition of the N161m allegedly made from the petrol seized in the Republic of Benin, N86 billion from crude oil intercepted by the navy, and N12.8m from the 16,000 liters of diesel recovered by the Nigeria Security and Civil Defense Corps in Cross River Bring the total estimate to at least N86.2 billion that would have been lost to reported oil theft this month alone.

Spokesperson for the Major Oil Marketers Association of Nigeria, MOMAN, Clement Isong, President of the Independent Petroleum Marketers Association of Nigeria, IPMAN, Elder Chinedu Okoronkwo, and the National Operations Controller, Depot and Petroleum Products Marketers Association of Nigeria, DAPPMAN, Mike Asatuyi , their members had expressed their participation in smuggling gasoline into neighboring countries.

“It is definitely not a good thing to use all the revenue to pay off debt, and that debt comes from subsidies. It is a potential danger to the country.

My concern is that what we avoided – the suffering and inflation we avoided – by not canceling the subsidy will now be worse, because if we get to a point where we find it difficult to pay off our debt it means our lenders will charge us more interest because they know we don’t have any money. Their interests will be much higher, with less income to pay salaries. So from a financial standpoint, it’s not good news for Nigeria,” a former chairman of the Major Oil Marketers of Nigeria MOMAN, Tunji Oyebanji, told The PUNCH when asked about the impact of the federal government’s continued payment of subsidies. .

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A surprising revelation by the President, Society of Petroleum Engineers, Nigeria Council and a professor of Petroleum Engineering at the University of Benin, Olalekan Olafuyi, to Weekend PUNCH last Sunday brought Nigeria’s crude oil loss to 2,000 trucks a day.

“The theft of crude oil is a bad omen for the country. The Society is already in talks with NIMASA to see how we can come up with a strategy to tell them the strategy that can be used in controlling production because crude oil theft is quite large. Imagine that the country loses 500,000 barrels a day. A barrel is about 160 liters. A truck/tanker is 250 barrels. So if you say we’re losing about 500,000 barrels, you can imagine we’re losing about 2,000 trucks every day,” he said.

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