"We Give Our Word:" NNPC Sets New Date to End Petrol Import, Projects New Revenue
- The Nigerian National Petroleum Company Limited (NNPC) has said that Nigeria would end petrol import in 2024
- NNPC boss Mele Kyari disclosed this when he visited the Speaker of the House of Representatives, Tajudeen Abbas
- Kyari said that the Port Harcourt refinery would commence operation in December this year, as promised
Pascal Oparada has over a decade of experience covering Tech, Energy, Stocks, Investments, and Economy.
The Nigerian National Petroleum Company Limited (NNPCL) revealed on Thursday, November 23, 2023, that Nigeria would end the importation of refined petroleum products by December 2024 as all of Nigeria's refineries would have become operational by then.
Also, the NNPC projected to grow its revenue to about N4.5 trillion at the end of 2023, stating that the repair of the Port Harcourt Refining Company under its management would be completed by December this year.
Source: UGC
NNPC set new date for Port Harcourt refinery
NNPC Group Chief Executive Officer Mele Kyari disclosed this when he led officials of the national oil firm to a meeting with the Speaker of the House of Representatives, Tajudeen Abbas, where Abbas called for the privatization of Nigeria's refineries.
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Punch reports that oil marketers also confirmed the readiness of the Port Harcourt refinery, stating that its operations would begin in January next year, leading to a drop in the prices of refined petroleum products.
Kyari stated that Nigeria was on track to stop petroleum product importation in 2024 and emerge as a net exporter of the product the same year.
He revealed the dates of the commencement of operations of the Port Harcourt, Warri, and Kaduna refineries.
He said that all refineries would be fully functional saying that Nigeria would become a top exporter of refined petroleum products next year.
The NNPC boss blamed the petrol subsidy for inactive refineries in Nigeria over the years, stating that subsidy removal attracted a lot of private sector investments.
Kyari said:
"I can confirm to you that by the end of December this year, we will start the Port Harcourt refinery; early in the first quarter of 2024, we will start the Warri refinery, and by the end of 2024, the Kaduna refinery will come into operation."
"This is the commitment we are giving today, and you can hold us accountable for this. In 2024, many of the initiatives, including the rehabilitation of our refineries, the efforts of small-scale refineries, and the upcoming Dangote refinery, will make Nigeria a net exporter of petroleum products in 2024.
Kyari projects a new NNPC revenue
He projected that in 2020, government revenue from NNPC would hit about N4.5 trillion as the company now pays dividends to shareholders in compliance with the Petroleum Industry Act (PIA).
Reports say Nigeria spent about N843 billion monthly on petrol imports following NNPC halting oil swap deals.
The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) said in July that between June 1 and 28, 2023, known as the post-deregulation period, total petrol consumption was 1.36 billion liters, while the average daily consumption was estimated at 48.43 billion litres.
The ex-depot price from NNPC is about N580 per litre.
NNPC and oil marketers said on Thursday, November 23, 2023, that the oil import fund would decline as soon as the Port Harcourt refinery begins operation by December.
The Speaker of the House of Representatives called for privatizing Nigeria's refineries to address the sector's crisis.
Abbas said NNPC workers get paid and promoted despite working less than a month in the last 20 years.
“No more N610/L:” Nigerians brace for fuel price reduction as petrol vessels arrive at ports
Legit.ng reported that oil marketers stated on Saturday, November 18, 20023, that the price of petrol may drop across filling stations owned by independent marketers this week following the imports of PMS by the Nigerian Independent Petroleum Company Limited (NNPCL).
Feelers show that the recent hike in petrol prices at outlets owned by independent marketers was due to the short supply of the product, leading to profiteering by depot owners and filling stations.
The National Public Relations Officer of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Chinedu Ukadike, said that immediately after the products arrive at the filling stations, fuel prices will drop as the recent high cost was due to a decline in supply.
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Source: Legit.ng
