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The Nigerian Refine Capacity declines to 6000 barrels Per Day according to the latest data from OPEC
The latest data from OPEC reveals that Nigeria’s crude oil refining capacity has drastically declined to only 6,000 barrels per day. This marks a significant drop from 2018 when the capacity stood at 33,000 bpd, with a 33 percent decrease in the past year alone. The country’s refining capabilities have been on a downward spiral, plummeting from 5,000 bpd in 2021 to its current state.
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These figures have raised concerns regarding the continued importation of petroleum products despite the presence of government-owned refineries. In comparison, Saudi Arabia leads the pack among OPEC members with an impressive average refining capacity equivalent to 2.6 million barrels per day.
It is worth noting that the Nigerian National Petroleum Company Ltd recently ended petrol subsidies in June due to the high cost of importing petrol, resulting in a significant increase in petrol prices from N189 per liter to a staggering N617 per liter. The National Bureau of Statistics’ latest report on Premium Motor Spirit Price Watch for July 2023 reveals a worrisome 215 percent surge in petrol prices over the past year.
Despite the Nigerian government’s significant investments in revamping the country’s three dormant refineries, it now relies on the Dangote Refinery, where it holds a 20 percent stake. The NNPCL spokesperson, Garba-Deen Muhammad, emphasized that the company aims to reduce its fuel imports program by August, provided that the Dangote Refinery commences refined petroleum product output in late July or early August.
Nigerian Refine Capacity declines to 6000 barrels
