NNPC: Petroleum products worth N12.87bn lost in nine months

Nigeria lost N12.87 billion value of petroleum products from January to September this year.

The latest data obtained by TheCable Index from Nigerian National Petroleum Corporation (NNPC) showed that N1.67 billion worth of petroleum products were lost in September, compared to N3.69 billion in July and N2.18 billion in June.

According to the report, the value of product lost stood at N1.11 billion in May and N961.35 million in April.

It amounted to N1.64 billion in March and N1.62 billion in February.

No product losses were recorded in January and August.

“Products theft and vandalism have continued to destroy value and put NNPC at the disadvantaged competitive position,” the report reads.

The corporation report also shows that a total of 261 pipeline points were vandalised in the first five months of this year.

In January, 27 pipeline points were vandalised and it rose to 54 in February.

In March, it went up to 70 pipeline points representing a 29.63 percent increase from the 54 points recorded in February.

A total of 64 pipeline points were vandalised in May, representing a 39.13 per cent increase from the 46 points recorded in April.

The NNPC said the Port Harcourt area accounted for 65 per cent in May while Mosimi and Kaduna areas accounted for 30 per cent and five per cent respectively of the vandalised points.

“NNPC in collaboration with the local communities and other stakeholders continuously strive to reduce and eventually eliminate this menace,” the corporation added.