Nigeria Customs Auctions Seized Petrol in Sokoto State

Date:

Sokoto, July 10, 2024 (NAN) – The Nigeria Customs Service (NCS), Sokoto/Zamfara Command, has conducted an auction of 25,162 litres of seized petrol to the public in Sokoto State, as announced by Mr. Kamal Muhammed, the Area Controller.

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Addressing reporters on Wednesday, Muhammed stated that the auction was conducted in compliance with existing laws and received approval from the Comptroller General of Customs, Mr. Bashir Adeniyi.

“A few weeks ago, under the directive of the Comptroller General, we auctioned 11,270 liters of PMS intercepted by operatives of Operation Whirlwind. However, due to intensified efforts against petroleum product smugglers, the service seized a total of 55,164 liters of PMS during this period, valued at approximately N39 million in Duty Paid Value,” Muhammed disclosed.

Muhammed highlighted the price disparity of petrol between Nigeria and neighboring West African countries, making smuggling highly profitable.

“Despite the removal of subsidies, Nigeria still offers one of the lowest prices for PMS. While PMS sells for an average of N701.99 per liter in Nigeria, it fetches N2,061.55 in Cameroon, N2,128.20 in Mali, and N1,672.05 in the Republic of Benin,” he explained.

He added that petrol smuggling exacerbates artificial scarcity in some regions of Nigeria and strains the country’s foreign exchange reserves used for imports.

The auction was conducted at a token price of N180 per liter to the general public, underscoring the NCS’s commitment to transparency and economic protection.

Muhammed concluded with a stern message from the Comptroller General to smugglers, affirming the NCS’s resolve to eliminate illegal activities detrimental to Nigeria’s economic interests.

By Naija247news
By Naija247newshttps://www.naija247news.com/
Naija247news is an investigative news platform that tracks news on Nigerian Economy, Business, Politics, Financial and Africa and Global Economy.

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