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Business News of Thursday, 1 September 2022

Source: vanguardngr.com

NNPC banks on Dangote, state-owned refineries to end fuel importation

Mele Kyari, Group Managing Director, Nigerian National Petroleum Corporation Mele Kyari, Group Managing Director, Nigerian National Petroleum Corporation

THE Federal government, yesterday, said it was looking up to the Dangote refinery and state-owned refineries to end massive petrol importation in Nigeria.

The Dangote plant and the government have the capacity to refine 650,000 and 445,000 barrels per day, respectively.

Speaking in Abuja, the Group Chief Executive Officer, Nigerian National Petroleum Company Limited, NNPCL, Mele Kyari, said the combined output of the plants would go a long way to reducing imports, while conserving foreign exchange for the nation.

He stated: “Even if all our four refineries in three locations are operating at 90% of installed capacity, they will only be able to raise 18 million litres of Premium Motor Spirit (PMS). That means even if all of them are working today, you would still have a net deficit of PMS to import into this country.”

He added that because Nigeria’s population, the middle class as well as demand have grown, the volume of petrol required in the country has increased.