N86.2bn worth of stolen oil has been recovered by different government security outfits operating across the country in August.
On Monday, it was reported that a total of 16, 000 litres of diesel valued at N800/litre (N12.8m) was
recovered by members of the Nigeria Security and Civil Defence Corps in Cross River.
The Rivers State NSCDC Commandant, Samuel Fadeyi, whilst speaking with newmen said the stolen products, which were mainly Automotive Gas Oil also known as diesel, were recovered within the last two weeks.
Also, last Wednesday, the Nigeria Customs Service, NCS, Seme Area Command, said it intercepted 3,998 jerry cans of Premium Motor Spirit, PMS, in 30 litres each, equivalent to 119,940 litres.
According to the Customs Area Controller, Bello Mohammed Jibo, the products were about four tanker loads of 33,000 litres each.
The Nigerian Midstream and Downstream Petroleum Regulatory Authority, NMDPRA, recently approved a price of N191 per litre of PMS ( highest range). An estimation of how much Nigeria would have lost had the 119, 940 litres made it to the Republic of Benin would have been N161m.
The seized petroleum product had a Duty Paid Value of N28.9 million.
