The Nigerian National Petroleum Corporation, NNPC, has lost a total sum of N18.56billion monthly as indicated in a latest report from the corporation.
In its July 2017 monthly financial and operations report revealed that the corporation lost a whopping N14.25billion to vandalism of its facilities in July. It also lost N4.5billion from its refineries in the month of August.
The report also highlighted that the NNPC recorded under-recoveries of N89.76 billion between January and July this year.
Giving a breakdown of the figures on the under-recoveries, the report stated that in January the corporation recorded an under recovery of N37.26 billion; February’s under recovery stood at N6.3 billion; it rose to N8.207 billion in March; while for April, May, June and July 2017, the NNPC recorded an under-recovery of N8.207 billion, N7.7 billion, N11.8 billion and N10.25billion respectively.
In the financial report, NNPC’s refineries in Port Harcourt, Kaduna, and Warri had a combined value of output(at import parity price) of N25.10billion while the associated crude plus freight costs and operational expenses were N21.10billion and N8.4billion respectively. This, it noted, resulted to an operating deficit of N4.64billion by the refineries.
NNPC stated: “For the month of august 2017, the three refineries produced 95,548MT of finished petroleum products and intermediate product of 53,496MT out of 178,788MT of crude processed at a combined capacity utilization of 9.50% compared to 11.94 percent combined capacity utilization achieved in the month of July 2017. The deprived operational performance is attributed to KRPC and PHRC downtime during the month under review. The ongoing revamping of the refineries will enhance capacity utilization once completed.”
The group managing director of the corporation, Maikanti Baru, assured that adequate measures were in place to ensure that motorists have unimpeded access to fuel ahead of the forthcoming end-of-the-year festivities.
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