Petroleum products smuggling is a big time business, especially in the Northern parts of the country . The price differential between Domestic prices and Across Border is too juicy and tempting . Smugglers make an average of N500/ litre. Even at current domestic price of N700/ ltr, they gross about N200/ltr. Therefore, for a 33,000 truck, the average gross margin is approximately N6.6m . Do the arithmetic,If they ferry about 10 trucks a day. A big time business. Note they also have their own Security arrangements. The Nigerian government should reopen discussions with neighboring countries for a win-win situation.
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