FG Swaps 150.4mb Oil for Refined Products

• FG Swaps 150.4mb Oil for Refined Products

The Federal Governement through the Nigerian National Petroleum Corporation (NNPC) swapped a total of 150.4 million barrels of crude oil worth N3.04 trillion for refined petroleum products between September 2018 and Semptember 2019, the latest report from the nation’s oil firm has shown.

This, experts attributed to the poor state of the nation’s refineries that are presently operating below capacities.

“PENGASSAN has always called on the government of the day to ensure that our refineries are functioning optimally. The humongous amount spent on petrol subsidy should be invested in our refineries,” PENGASSAN’s spokesperson, Fortune Obi, said.

A breakdown of the report revealed NNPC swapped 8.54 million barrels of crude oil in September 2018 but that number quickly rose to 14.49 million barrels in September 2019.

The report also revealed that NNPC lifted 10,665,632 barrels of crude oil in September 2019 at an estimated volume of 355,521 barrels per day.

“In order to meet domestic product supply requirement for the month of September 2019 the 10,665,632 barrels in its entirety were processed under the Direct-Sales-Direct Purchase scheme, while no deliveries to the domestic refineries for processing,” the corporation stated.