See how much Nigeria Customs is selling one litre of petrol

• The Nigeria Customs Service said it auctioned 25,162 litres of seized petrol to residents in Sokoto State
• The seized petrol was sold at auction for N180 per litre, which is at least N600 cheaper than what is obtainable at filling stations
• Reports indicate that in some states, some motorists pay over N1,000 per litre to buy fuel at black markets

Legit.ng journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends.

The Nigeria Customs Service (NCS), Sokoto/Zamfara Command, has auctioned off 25,162 litres of seized petrol to the public in Sokoto State.

Nigeria customs sells petrol at N300 discount Photo credit: Olukayode Jaiyeola
Source: Getty Images

Kamal Muhammed, the Area Controller, confirmed this development during a press briefing in Sokoto on Wednesday, July 10.

According to him, the auction was conducted in strict adherence to existing laws and with the approval of the Comptroller General of Customs, Bashir Adeniyi.

His words:

"In compliance with the directives of the Comptroller General, we recently auctioned off 11,270 litres of Premium Motor Spirit (PMS) intercepted by our operatives under Operation Whirlwind."However, due to our intensified efforts against petroleum products smuggling, we seized a total of 55,164 litres of PMS during this period, with a Duty Paid Value (DPV) estimated at approximately N39 million."

Customs sells petrol at a discount price

Muhammed revealed that the fuel auction was conducted at a token price of N180 per litre.

The Area Controller also spoke on the smuggling activities.

"Despite the removal of subsidies, Nigeria maintains one of the lowest prices for PMS globally, averaging N701.99 per litre, compared to N2,061.55 in Cameroon, N2,128.20 in Mali, and N1,672.05 in the Republic of Benin,.""The NCS remains resolute in our mission to disrupt illegal trade activities. We will continue to enforce the law and ensure that those engaged in smuggling face the full consequences of their actions."

CBN slashes Customs FX rates for cargo clearance

Legit.ng previously reported that the Central Bank of Nigeria (CBN) has adjusted Nigeria Customs FX rates for cargo clearance in Nigeria’s ports.

Checks on the Customs trade portal show that the apex bank slashed the price from N1,505 to N1,470,191 to dollar.

This development means that importers will pay less to clear cargo from Nigeria’s ports, effective from the time the change was made.

Source: Legit.ng