20 March 2017

Nigeria: CBN Releases Fx to Oil Marketers for Fuel Import - NNPC

The Nigerian National Petroleum Corporation (NNPC) has said that the Central Bank of Nigeria (CBN) has released foreign exchange (Forex) to marketers to import diesel and aviation fuel.

The Corporation in a statement yesterday said it will also continue to import diesel and aviation fuel to supplement local refining.

NNPC said that it has in stock, a robust inland supply of over 1.2 billion litres of petrol sufficient for more than 34 days forward consumption.

It said that its product supply outlook for March to May, 2017, shows that steps have been taken to ensure adequate supply of diesel and aviation fuel.

The corporation announced that it has re-commissioned its strategic 479.2 kilometres System 2B petroleum products pipeline network which stretches from the Atlas Cove-Mosimi-Ejigbo-Ibadan, terminating at Ilorin.

This, it said, will enhance effective distribution of petroleum products nationwide, especially with the envisaged resumption of loading activities at the Mosimi, Ejigbo and Ibadan depots.

"The Calabar and Aba depots have been stocked with AGO while AGO loadout at Kano depot would commence soon," the statement added.

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