L
LequteMan
Guest
The federal government of Nigeria is running the country's refineries at a loss.
Nigeria’s public refineries only worked at a combined capacity utilisation of 1.96 per cent in September, an official document has stated.
The report stated that the combined value of output by the public refineries in Nigeria amounted to N9.9 billion for crude processed in September. It said that the associated crude plus freight cost stood at N6.3 billion, representing a loss of N8.8 billion after an overhead cost of N12.4 billion.
The report also indicated that 75.78 million litres was produced compared to 200.2 million litres in August in respect of products from domestic refineries.
The running of the refineries at a loss, coupled with their dwindling performance could further embolden the calls for the privatisation of the refineries despite the stance of the federal government that the refineries will not be sold.
NAN
Nigeria’s public refineries only worked at a combined capacity utilisation of 1.96 per cent in September, an official document has stated.
The report stated that the combined value of output by the public refineries in Nigeria amounted to N9.9 billion for crude processed in September. It said that the associated crude plus freight cost stood at N6.3 billion, representing a loss of N8.8 billion after an overhead cost of N12.4 billion.
The report also indicated that 75.78 million litres was produced compared to 200.2 million litres in August in respect of products from domestic refineries.
The running of the refineries at a loss, coupled with their dwindling performance could further embolden the calls for the privatisation of the refineries despite the stance of the federal government that the refineries will not be sold.
NAN
