A committee report has suggested that the Nigerian National Petroleum Corporation, NNPC, may be given 18 months to fix the nation’s refineries in order to increase capacity to refine petroleum products for the country’s domestic consumption.
Some of Nigeria’s major refineries are located in Port Harcourt, Rivers State; Warri, Delta State and Kaduna, Kaduna State and have a standard collective capacity to refine 445,000 barrels of crude oil per day.
Part of the committee report also proposed to get oil marketers involved in fuel importation as a way of increasing supply for local consumption. The report equally stressed the need to ensure immediate settlement of N800 billion fuel subsidy debts being owed the marketers, to repay bank loans as well as embark on fuel importation.
The report also called on the Federal Government to encourage private investors, including Dangote Group, to complete the construction of refineries in the country. The Dangote Group is currently constructing a world class refinery in Lagos, and this is expected to be completed in a few years.
It would be recalled that Nigerians had to endure an unpleasant yuletide celebration, following the scarcity of Premium Motor Spirit popularly referred to as petrol.
image source: 360nobs