Business Hilights
Tracking Nigeria's Headline Business News Online

NNPC silent on reviving refineries in Q1, gives stats on lube, fuel, others

Since the beginning of the first quarter of 2020, which is winding up in few days, the Nigerian National Petroleum Corporation (NNPC) had not given any clear update to Nigerians on the repair status of each of the national refineries.

Many Nigerians and energy stakeholders’ who raised the issue at a forum in Lagos, queried why the interest of the Corporation should be informing Nigerian on the total number litre it imported and sold than the level of work on local moribund refineries.

Business Hilights recalls that during his inaguration, the NNPC GMD assured Nigerians that before 2023, all Nigerian refineries will be be in shpae producing at capacities, but facts on ground do not show clear signs of meeting the timelines.

Only last penultimate week, the NNPC re-launched its new lubricant range of products to the Nigerian retail market.

Whereas motorists had been finding it hard to even see the products at NNPC service stations, Business Hilights recalls that on Sunday announced that it sold a total of 21.51 billion litres of petrol worth N2.64tn from December 2018 to December 2019.

The NNPC said the sale of white products from December 2018 to December 2019 by its subsidiary, the Petroleum Products Marketing Company, stood at 21.861 billion litres, with petrol accounting for 98.41 per cent.

It said revenues generated from the sale of white products in the 13-month period stood at N2.71tn, with petrol contributing about 97.56 per cent.

The NNPC has been the sole importer of petrol into the country for more than two years, after private oil marketers stopped importing the commodity due to crude price fluctuations among other issues.

The corporation reported 40 vandalised pipeline points in December 2019, representing about 41 per cent decrease from the 68 points vandalised in November.

The national oil firm said that out of the vandalised points, 10 failed to be welded, while none was ruptured.

It said Atlas Cove-Mosimi and Mosimi-Ibadan axis accounted for 35 per cent and 30 per cent of the breaks respectively, while other routes accounted for the remaining 35 per cent.

The NNPC added that it had stepped up collaboration with the local communities and other stakeholders to stem pipeline vandalism menace.

It said the PPMC distributed and sold 2.775 billion litres of white products in December, compared with 0.841billion litres in November.

The corporation said the products comprised 2.76 billion litres of petrol, 0.013 billion litres of diesel, and 0.003 billion litres of Low Pure Fuel Oil.

It said N337.63bn was made from the sale of white products by the PPMC, compared to N105.62bn in November.

According to the statement, the national oil firm grew its trading surplus to N5.28bn in December 2019 from the N3.95bn in November.