Nigeria National Petroleum Company (NNPC) on Thursday (December 17th) said that although the country pushing up crude oil production plan is steadily, but the domestic oil refining companies are still unable to produce fuel, leading to the country’s oil demand can only rely on imports to meet.
Nigeria’s crude oil production is expected to reach 2 million 100 thousand barrels a day this year, and plans to increase to 2 million 400 thousand barrels a day, according to Ibe Kachikwu Emmanuel, a managing director at Nigeria, while the current supply of crude oil is currently in use.
Kachikwu said: October domestic oil refining enterprises to zero, we do not produce any fuel. As of now, all the oil refineries are still unable to function, we plan to try to repair.”
Oil prices resulting in crude oil revenue decline, Nigeria attempts to reduce fuel subsidies to make up the financial gap, Kachikwu pointed out that in the current oil prices, the domestic refined oil products in the retail price range will be maintained at 87 per liter to 97 naira in Nigeria.
Kachikwu added: “the future fuel subsidies will not be fixed, we will examine the expected quarterly price impact on fuel prices, and then make adjustments, in order to ensure that the fuel price will not exceed the upper limit of 97 naira.”
Nigeria’s largest oil refinery officials in November to accept foreign media interview, said Nigeria plans in the first quarter of 2016 to achieve the goal of domestic 30% gasoline demand localization.
Nigeria’s president and oil minister Buhari (Buhari Muhammadu) has been to overhaul the country’s oil refining system as the current primary goal, plans to address the problem of poor management and corruption through thorough reform.