The Nigerian National Petroleum Corporation (NNPC) has said the country’s refineries’ operating deficit jumped by 39 per cent to N132.5bn in 2018, compared to the previous year.
Concise News understands that the NNPC revealed this on Tuesday in a report.
It also noted that the refineries posted a loss of N95.09bn in 2017 with the refineries – Port Harcourt, Kaduna and Warri, having a combined installed capacity of 445,000 barrels per.
They have, however, continued to operate below capacity for years now.
Port Harcourt refinery recorded the biggest loss of N59.96bn in 2018; Kaduna refinery, idle for 11 months, lost N31bn.
Similarly, the Warri refinery had a deficit of N41.71bn.
N13.58bn was lost in January; N8.05bn in February; N11.88bn in March; N20.08bn in May; N14.51bn in June; N10.45bn in July; N10.79bn in August; N6.97bn in September, N9.32bn in October, N9.58bn in November and N17.31bn in December.
The refineries made a profit of N6.32bn in April for the first time in 10 months.
Also, the Warri refinery was idle in January, September and October 2018.
Furthermore, the NNPC said its group operating revenue for December was at N731.88bn, N439.59bn higher than the past month performance, as expenditure increased by N429.52bn.
“This month’s revenue is far more than the budgeted revenue which resulted in a marked increase in trading surplus despite the drag in operating expenditure in the month,” the NNPC said.
The corporation had a trading surplus of N12.13bn in December.