NNPCL ends fuel import Dec 2024, projects N4.5tn revenue

The Nigerian National Petroleum Company Limited says it would end the importation of refined petroleum products by December 2024 as all the country’s refineries would be operational by then.

It also projected that the national oil firm would grow its revenue to N4.5tn at the end of 2023 adding that the rehabilitation of the Port Harcourt Refining Company, under NNPCL’s management, would be completed by December 2023.

The Group Chief Officer of the NNPCL, Mele Kyari, disclosed this when he led officials of the company to a meeting with the Speaker of the House of Representatives, Tajudeen Abbas, where the lawmaker called for the privatisation of Nigeria’s refineries.

Also, oil marketers confirmed the readiness of the Port Harcourt refinery, as they said that its operations, which could begin in January 2024, would lead to a considerable drop in the prices of refined petroleum products.

At the meeting in Abuja, Kyari declared that Nigeria was on track to stop the importation of refined petroleum products in 2024 and would emerge as a net exporter of the commodities in the same year.

He also provided explanations on the commencement of operations of the Port Harcourt, Warri, and Kaduna refineries

The company’s helmsman said all refineries would become fully operational, adding that the country would become a net exporter of petroleum products by the end of 2024.

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