25 November 2012

Nigeria: Presidency - Pipeline Vandalism Costs N105 Billion Annually

It has come to light that an average of over N105 billion worth of petroleum products and crude oil is lost to pipeline vandals annually.

A highly placed source in the Presidency made this disclosure Sunday revealing that there is an impending peril regarding petroleum country as a result of the activities of pipeline vandals across the stretch of 5,120 kilometres of pipelines locations in Nigeria.

A couple of months ago the refusal of the Independent Petroleum Marketers of Nigeria (IPMAN) and stakeholders in the chain of distribution of petroleum products in the country to continue the importation of PMS and other products, as a result of the non-payment of subsidy money due to them by the Ministry of Finance.

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