November 29, 2022



Finally, FG reveals when Nigeria will cease importing gasoline 


The Nigerian Nationwide Petroleum Firm Restricted (NNPC) mentioned Tuesday it will remove the importation of petroleum merchandise by the center of 2023.

Group Chief Government Officer of NNPC Restricted, Mr Mele Kyari, disclosed this on the weekly ministerial briefing organised by the Presidential Communications Staff.

He mentioned with the brand new measures being put in place, the corporate would meet up with the oil wants of Nigerians and even some international locations.

“Even when all our 4 refineries in three places are accomplished at 90 p.c of put in capability, they may solely be capable of increase 18 million litres of petroleum motor spirit (PMS) or petrol. That signifies that even when all of them are working at the moment, we are going to nonetheless have a internet deficit of PMS imported to this nation.

“That is what it means; as a result of our inhabitants has grown, demand has grown and the center class has grown, such that the amount of PMS required on this nation has grown exponentially.

“Actually if all of them come again we are going to nonetheless must do extra and fortunately additionally, NNPC owns 20 p.c fairness within the Dangote Refinery and we’re very happy with this.

“Not simply that, now we have the best of first refusal to produce crude oil to that plant as a result of we noticed this vitality transition problem coming. We knew {that a} time will come when you’ll search for individuals who will purchase your crude oil, you’ll not discover it. And that signifies that now we have locked down the flexibility to promote crude oil for 300, 000 barrels minimal by proper for the subsequent 20 years. 

See also  N42.84 trn debt: Nigeria not borrowing for frivolities – FG

“Additionally, by proper, now we have entry to twenty p.c of the manufacturing from that plant as part of our fairness. So this refinery, when it comes on stream by the newest, the center of subsequent 12 months. If it does, as a result of it has the capability to provide 650, 000 per barrel capability and a unique expertise, it could possibly crack the crude in a way that you should have extra gasoline than a typical refinery. That refinery has the flexibility to provide 50 million litres of PMS per day. So, a mixture of that and our personal capacity to deliver again our refineries will utterly remove the importation of petroleum merchandise into this nation subsequent 12 months. You’ll not see any importation into this nation subsequent 12 months. That is very sensible, that is very potential,” he mentioned.

He mentioned work has reached superior stage on the resuscitation of the nation’s refineries to allow them function at optimum degree.

“Our refineries aren’t functioning. We intentionally shut them down as a result of it didn’t make any sense so that you can soak up for instance $100 oil into the refineries and the product it brings out is $70.

“That is due to many causes that border on very a few years of neglect which have crystallized into the shortcoming of those crops to carry out optimally.

“It’s nonetheless lamentations. We aren’t absolving ourselves from that duty or legal responsibility. It’s actual. What may be very apparent is that this firm wasn’t working as a enterprise for some causes.

See also  Gas shortage resurfaces in Lagos, motorists flood filling stations

“Total we ended up having a scenario the place we had been unable to make them course of optimally and we shut them down. However now we’re very assured that we’re restoring them again to at the least 90 p.c of their put in capacities. We’ll get them again to normalcy and run them as a enterprise,” he mentioned.