Warri, Kaduna and Port-Harcourt refineries record N154bn loss, Kaduna zero revenue

In what many Nigerians would see as a sad development, three refineries in Nigeria have recorded a combined loss of N154 billion.

This was disclosed in the National Petroleum Corporation (NNPC)’s audited financial statements for 2018.

According to Daily Trust, the audited financial statements were signed by the group managing  director of NNPC, Malam Mele Kyari, and the chief executives of the various subsidiaries.

The three refineries are that of Warri, Kaduna and Port-Harcourt.

Meanwhile, Legit.ng had reported that there is a kind of uncertainty in the petroleum sector following fresh information from the Petroleum Products Pricing Regulatory Agency (PPPRA).

The information has to do with fixing of prices for fuel products in the country.

This is coming just days after the new pump price for the premium motor spirit, better known as petrol, was fixed at NI21.22 per litre.

It is, however uncertain if this development is likely to create a major crisis in the oil sector in the coming days, especially with the initial reports that the marketers would now have the power to fix prices as they deem fit.

The PPMC, in a statement on Sunday, June 7, gave the hint when it declared that the marketers cannot fix the price of fuel in the country.

The statement by Abdulkadir Saidu, executive secretary of PPMC, said its publication that gave a legal backing to the new policy does not give the marketers the right to fix prices as they want.

The statement added that the PPMC will continue to monitor market trends and advise the Nigerian National Petroleum Corporation (NNPC) and the oil marketing firms on the monthly market-based guiding price.

It added that this task would include the indicative retail price at which the product shall be sold across the country.

Legit.ng had also reported that the federal government recently ordered the reduction in the pump price of premium motor spirit from the N125 to N123.50 per litre.

The development comes barely two weeks after President Muhammadu Buhari approved the reduction of pump price from N145 per litre.

In a statement released on Tuesday evening, March 31, Abdulkadir Saidu, the executive secretary of the PPPRA, said the guiding price takes effect from Wednesday, April 1.

Source: legit.ng