Nigeria spent N148 billion in the closing thirteen months on three refineries then again produced an awful lot less than 40,000 metric hundreds of crude oil, a June file published with the resource of Nigerian National Petroleum Corporation (NNPC) has shown.
It attributed the operational shortfall to the ongoing rehabilitation of the oil refineries which have a blended manufacturing capability of 445,000 barrels per day (bpd).
Oil entrepreneurs referred to they are however to get keep of invite from Petroleum Products Pricing Regulatory Agency (PPPRA) to determine the fee of petrol for this month.
The Port Harcourt Refinery has the manageable of 210,000 bpd, the Kaduna refinery, 10,000 bdp, and the Warri refinery, 125,000 bpd.
But from June 2019 to June, this year, the three petrochemical corporations would possibly additionally wish to truly manipulate 38,977 metric tonnes of crude production.
This used to be once as soon as produced in July 2019 via the usage of the Kaduna refinery, which accrued an working deficit of N62 billion in thirteen months, according to the overview of the posted details.
With zero production, the Warri and Port Harcourt refineries respectively gulped N42.1 billion and N43.8 billion from the country’s coffers.
All through, simply the Kaduna refinery had its performance utilised for once. It had an 8.09 per cent manageable utilisation in July 2019. During the closing months, itself and the awesome refineries had zero performance utilisation.
“The declining operational prevalent frequent overall performance is attributable to ongoing revamping of the refineries which is predicted to in a similar fashion adorn doable utilisation as rapidly as completed,” the NNPC wrote in its report.
In June alone, the refineries value the united states of the united states N10.23 billion in expenses, regardless of now now now no longer processing any oil for the month, this newspaper before reported.
While absolutely 2.07 per cent of the consolidated conceivable of the three refineries used to be as soon as utilised in June, for the 13 months below review, they functioned only at 0.16 per cent of their most outstanding capacities.
Although the NNPC referred to this used to be due to the ongoing restoration of the refineries, its audit file posted in June — the first in forty three years — confirmed that the refineries posted a cumulative loss of N1.64 trillion from 2014 to 2018.
Both Port Harcourt and Kaduna refineries recorded a blended loss of N208.6 billion in 2014; N252.8 billion in 2015; N290.6 billion in 2016; N 412 billion in 2017, and N475 billion in 2018.
The audit report moreover tested that a cumulative loss of about N412.8 billion used to be incurred from the operations of the nation’s four refineries in 2017 and 2018.
The file located that fuels contemporary illegally by way of the use of the utilization of vandals in Nigeria’s creeks are ‘cleaner’ than these legally imported from Europe.
Since the deregulation of the fee of the product in March, this year, the Petroleum Products Pricing Regulatory Agency (PPPRA ) has already engaged entrepreneurs one-of-a-kind fantastic companies in the month-to-month meetings.
But at yesterday, Vistanaij learnt from an insider furnish that the regulatory employer used to be as soon as as quickly as however to lengthen the invitation to them.
The dependable furnish said: “It seems that the PPPRA is doing the pricing template with the resource of way of myself this month. We are all anxiously equipped for the corporation to announce the September pump price.”
It used to be the first time that the enterprise company approved a new charge after the elimination of petrol subsidy.
Prior to the July 1 hike, the corporation business business enterprise had on May 1, hooked up charge band of N121.50 to N123.50 per litre for the product.