******NNPC reports N104.3bn loss as refineries record zero output.

*****NNPC’s trading deficit soars by 200% to N30.8bn.

The Nigerian National Petroleum Corporation (NNPC) continues to post operational loss on the three refineries it manages on behalf of the government.

NNPC operates Kaduna Refining and Petrochemical Company,
Port Harcourt Refining Company and Warri Refining and Petrochemical Company.

Between February 2020 and February 2021, NNPC reported a loss of N104.3 billion as the country’s refineries refined zero oil, its updated financial statements disclosed.

A breakdown of the financials showed that N9.36 billion loss was recorded in February, N10.3 billion in March, while April and May losses were N9.69 billion and N9.55 billion respectively.

In June, NNPC reported N10.23 billion loss, and N9.1 billion in July, although the figure dropped to N7.1 billion in August, it declined further to N7.04 billion in September.

In the next month, the Nigerian-owned oil company recorded N5.99 billion loss, and N5.49 billion in November, but it ended December with N8.28 billion loss.

The consolidated financials showed that in January 2021, NNPC recorded N5.37 billion loss, and in February, the refined oil distributor reported N6.88 billion loss in February this year.

God bless president Mohammadu Buhari.

Who is the minister for petroleum .... spent 201 days on sick leave of six years ....

When Atiku said they should sell these things in 2019, he was abused and called names.

Now, see the outcome.

NNPC should be scrap it no longer add value to economy of nigeria

Buhari and his brothers cashing out

Na today.

That's because the refineries since the 1980's have not been allowed to sell petrol and before that diesel and kerosene (till 2013) at a profit.

The minute we allow petrol to be sold at a profit in Nigeria, that's when we would have working refineries.

Niger sells fuel at N377 per liter...which is harsh on their poor people. But because of that they have enough money to keep their single refinery in good working condition to the point that it can export fuel abroad.

Here we sell fuel below the cost of refining it...and we expect NNPC to have the cash to fix the refineries. On top of all the sharp practices going on in NNPC and the sector...fueled in part by the same subsidy regimen that stifles profit.