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NNPC: CBN has released forex for importation of aviation fuel

NNPC: CBN has released forex for importation of aviation fuel
March 20
14:31 2017
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The Nigerian National Petroleum Corporation (NNPC) says that the Central Bank of Nigeria (CBN) has provided foreign exchange for the import of Automotive Gas Oil (diesel) and Aviation Turbine Kerosene (ATK).

In a statement signed by Ndu Ughamadu, group general manager, group public affairs division, NNPC said it had over 1.2 billion litres of petrol, which would be sufficient for more than 34 days of forward consumption.

“The corporation’s product supply outlook for March to May, 2017, shows that steps have been taken to ensure adequate supply of diesel and aviation fuel.

“For Automotive Gas Oil and Aviation Turbine Kerosene, NNPC will continue to import to supplement local refining.

“The Central Bank of Nigeria has also released foreign exchange to marketers to import AGO and ATK.”

NNPC said it has re-commisioned a 479.2 kilometres pipeline network to enhance distribution of petroleum products across the country.

“In addition, NNPC 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 which 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.”

Over the past year, airlines in Nigeria have weathered challenges in dealing with the purchase of aviation fuel. Some airlines went as far as Accra, Ghana to fuel flights within Nigeria.

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Exchange Rates

Oct 19,2017USDGBPEUR
INTERBANK360.45487.18428.32
LAGOS362475427
KANO363477428
PH364476427
ABUJA362480426
NOTE: The black market rates represent the most prevalent. They could be slightly higher or lower among different sellers.
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