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Refineries Now Supplying 60% kerosene Demand – NNPC

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  • Refineries Now Supplying 60% kerosene Demand – NNPC

The Nigerian National Petroleum Corporation on Sunday said that its refineries in Port Harcourt, Warri and Kaduna were now supplying 60 per cent of the Dual Purpose Kerosene being consumed in the country.

This, it said on Sunday, was in line with the 2019 target date by the Federal Government to stop the importation of petroleum products.

A statement by the corporation quoted the Group Managing Director, NNPC, Dr. Maikanti Baru, as stating this at a two-day public hearing of the House of Representative Committee on Petroleum Resources.

The statement by the corporation’s spokesperson, Ndu Ughamadu, stated that Baru told the lawmakers that the refineries were now producing five million litres of kerosene daily, representing more than 60 per cent of the national daily consumption requirement of eight million litres.

The GMD, who was said to have been represented at the forum by the Chief Operating Officer, Downstream, NNPC, Mr. Henry Ikem-Obih, added that the balance of three million litres of the product was being imported by private marketers.

He said that kerosene and other petroleum products being supplied by the corporation were of high quality and safety standards.

“The NNPC ensures that the entire refining output in Nigeria through its refineries in Port Harcourt, Warri and Kaduna, and any products imported by it to make up for market supply shortfalls meet the specifications of the Nigerian Institute of Standard and Standards Organisation of Nigeria,” Baru said.

He added that all the depots in the country had laboratories for quality checks to ensure safety of consumers, noting that the corporation investigated the recent kerosene explosion in Calabar and could not trace the truck that delivered the adulterated product to any of its depots’ loading schedule.

Baru advised the committee to contact the Department of Petroleum Resources, which is the industry regulator, to investigate the source of the adulterated kerosene among the private depots.

The NNPC boss called on relevant authorities to empower the DPR to carry out its responsibilities more diligently by ensuring that petroleum products imported by marketers meet the required quality and safety standards as the corporation could not guarantee the quality of products imported by other market players.

“The quality of kerosene being sold to the general public required regular inspection to ensure that it meets health, safety, environment and quality standards at all times to avert any regulatory breaches or threat to lives and properties of the general public and consumers of the products,” Baru said.

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade experience in the global financial markets.

Economy

Fall in Economic Activities in Nigeria Created N485.51 Billion Fiscal Deficit in January -CBN

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The drop in economic activities in Africa’s largest economy Nigeria led to a N485.51 billion fiscal deficit in January, according to the latest data from the Central Bank of Nigeria (CBN).

In the monthly economic report released on Friday by the apex bank, the weak revenue performance in January 2021 was due to the decline in non-oil receipts following the lingering negative effects of COVID-19 pandemic on business activities and the resultant shortfall in tax revenues.

In part, the report read, “Federally collected revenue in January 2021 was N807.54bn.

“This was 4.6 per cent below the provisional budget benchmark and 12.8 per cent lower than the collection in the corresponding period of 2020.

“Oil and non-oil revenue constituted 45.4 per cent and 54.6 per cent of the total collection respectively. The modest rebound in crude oil prices in the preceding three months enhanced the contribution of oil revenue to total revenue, relative to the budget benchmark.

“Non-oil revenue sources underperformed, owing to the shortfalls in collections from VAT, corporate tax, and FGN independent revenue sources.

“Retained revenue of the Federal Government of Nigeria was lower-than-trend due to the lingering effects of the COVID-19 pandemic.”

“At N285.26bn, FGN’s retained revenue fell short of its programmed benchmark and collections in January 2020, by 41.3 per cent and 7.5 per cent respectively.

“In contrast, the provisional aggregate expenditure of the FGN rose from N717.6bn in December 2020 to N770.77bn in the reporting period, but remained 14.4 per cent below the monthly target of N900.88bn.

“Fiscal operations of the FGN in January 2021 resulted in a tentative overall deficit of N485.51bn.”

The report noted that Nigeria’s total public debt stood at N28.03 trillion as of the end-September 2020, with domestic and external debts accounting for 56.5 percent and 43.5 percent, respectively.

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Economy

NNPC Supplies 1.44 Billion Litres of Petrol in January 2021

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The Nigerian National Petroleum Corporation (NNPC) supplied a total of 1.44 billion litres of Premium Motor Spirit popularly known as petrol in January 2021.

The corporation disclosed in its latest Monthly Financial and Operations Report (MFOR) for the month of January.

NNPC said the 1.44 billion litres translate to 46.30 million litres per day.

Also, a total of 223.55Billion Cubic Feet (BCF) of natural gas was produced in the month of January 2021, translating to an average daily production of 7,220.22 Million Standard Cubic Feet per Day (mmscfd).

The 223.55BCF gas production figure also represents a 4.79% increase over output in December 2020.

Also, the daily average natural gas supply to gas power plants increased by 2.38 percent to 836mmscfd, equivalent to power generation of 3,415MW.

For the period of January 2020 to January 2021, a total of 2,973.01BCF of gas was produced representing an average daily production of 7,585.78 mmscfd during the period.

Period-to-date Production from Joint Ventures (JVs), Production Sharing Contracts (PSCs) and Nigerian Petroleum Development Company (NPDC) contributed about 65.20%, 19.97 percent and 14.83 percent respectively to the total national gas production.

Out of the total gas output in January 2021, a total of 149.24BCF of gas was commercialized consisting of 44.29BCF and 104.95BCF for the domestic and export markets respectively.

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Economy

NNPC Says Pipeline Vandalism Decrease by 37.21 Percent in January 2021

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The Nigerian National Petroleum Corporation (NNPC) said vandalisation of pipelines across the country reduced by 37.21 percent in the month of January 2021.

This was disclosed in the January 2021 edition of the NNPC Monthly Financial and Operations Report (MFOR).

The report noted that 27 pipeline points were vandalised in January 2021, down from 43 points posted in December 2020.

It also stated that the Mosimi Area accounted for 74 percent of the total vandalised points in Janauray while Kaduna Area and Port Harcourt accounted for the remaining 22 percent and 4 percent respectively.

NNPC said it will continue to engage local communities and other stakeholders to reduce and eventually eliminate the pipeline vandalism menace.

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