Economy
Kerosene: NNPC Meets 60% of 8m Litres Daily Consumption
By Modupe Gbadeyanka
Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Dr Maikanti Baru, has disclosed that the three government’s refineries in Warri, Port Harcourt and Kaduna now supply 60 percent of Dual Purpose Kerosene (DPK), popularly known as kerosene, consumed in the country.
Mr Baru made this disclosure at a 2-day Investigative Public Hearing of the House of Representative Committee on Petroleum Resources (Downstream) in Abuja.
He expressed optimism that the state owned oil firm would meet the 2019 target date for the cessation of petroleum products importation by the Federal Government.
According to him, the three refineries were producing 5 million litres of kerosene daily representing more than 60 percent of the national daily consumption requirement of 8 million litres.
Mr Baru, represented by the Chief Operating Officer, Downstream, Mr Henry Ikem Obih, disclosed that the balance of 3 million litres of the product was being imported by private petroleum products marketers.
He noted that kerosene and other petroleum products supplied by the NNPC were of high quality and meet safety standards.
“The NNPC ensures that the entire refining output in Nigeria through its refineries in Port Harcourt, Warri and Kaduna and any products imported by it to make up for market supply-shortfalls meet the specifications of the Nigerian Institute of Standard (NIS) and Standards Organization of Nigeria (SON),” Mr Baru said.
He said NNPC would not compromise safety and quality in its products and processes, adding that all the depots in the country had laboratories for quality checks to ensure safety of consumers.
The GMD explained that in keeping with its avowed commitment to the safety of consumers, the Corporation investigated the recent incident of kerosene explosion in Calabar and could not trace the truck that delivered the adulterated product in any of its depots loading schedule.
He advised the committee to contact the Department of Petroleum Resources (DPR) which is the petroleum Industry regulator to investigate the source of the adulterated kerosene among the private depots.
Mr Baru called on relevant authorities to empower the DPR to carry out its responsibilities more diligently by ensuring that petroleum products imported by marketers meet the required quality and safety standards as NNPC cannot guarantee the quality of products imported by other market players.
“The quality of kerosene being sold to the general public required regular inspection to ensure that it meets health, safety, environment and quality standards at all times to avert any regulatory breaches or threat to lives and properties of the general public and consumers of the products,” the NNPC boss stated.
Speaking earlier, the Committee Chairman, Mr Joseph Akinlaja, stated that the Committee was deeply concerned about high cost of kerosene in the market as well as incessant explosion due to adulteration.
He said the committee was mandated by the House of Representatives to, among other things, work out a clear cut policy framework on deregulation of kerosene to avert the current challenges faced by the poor masses in procuring the product; arrest the resurgence of kerosene explosion with attendant fatalities and investigate the disappearance of N11 billion worth of petroleum product belonging to the NNPC.
By Aduragbemi Omiyale
On Tuesday, December 17, 2024, President Bola Tinubu will present the 2025 budget to a joint session of the National Assembly.
The size of the 2025 Appropriation Bill is about N47.9 trillion and would be presented to the parliament for approval.
Speaking at the plenary on Thursday, December 12, 2024, the President of the Senate, Mr Godswill Akpabio, said the presentation by Mr Tinubu would be at the chamber of the House of Representatives.
However, it is not certain if the lawmakers will pass the budget before December 31 to allow for a recent budget cycle of January to December.
Recall that on December 3, the senate approved the Medium Term Expenditure Framework and Fiscal Strategy Paper (MTEF/FSP) for 2025 to 2027.
This was after the President presented this the National Assembly on November 19 ahead of the consideration of the 2025 budget proposal.
In the MTEF/FSP, the government said it planned to borrow about N9.22 trillion from local and foreign sources to finance the budget deficit.
It pegged the crude oil benchmark at $75 per barrel and a daily oil production of 2.06 million barrels at an exchange rate of N1,400 to $1, and a targeted gross domestic product (GDP) growth rate of 6.4 percent.
At the plenary today, Mr Akpabio informed his colleagues that, “The President has made his intention known to the National Assembly to present the 2025 budget to the joint session of the National Assembly on December 17, 2024.”
By Adedapo Adesanya
Nigeria added 150,000 barrels per day to its crude production in November 2024 as it continues to pursue an ambitious 2 million barrels per day target.
According to the Organisation of the Petroleum Exporting Countries (OPEC), Nigeria’s oil production rose to 1.48 million barrels per day in November, up from 1.33 million barrels per day the previous month.
In its Monthly Oil Market Report (MOMR), OPEC revealed that at 1.48 million barrels per day, it is the continent’s leading oil producer, surpassing Algeria’s 908,000 barrels per day and Congo’s 268,000 barrels per day.
Business Post reports that OPEC doesn’t account for condensates, which Nigeria’s accounts for in its broader 2 million barrels per day target.
Despite the surge in production levels, Nigeria is still under producing its 1.5 million barrels per day output quota under a deal involving OPEC and 10 other producers known as OPEC+.
OPEC said it relied on primary data gotten through direct communication, noting that secondary sources reported 1.417 million barrels per day as Nigeria’s crude production in November — up from 1.4 million barrels per day in October.
The data also shows that OPEC’s total oil production among its 12 members rose by 104,000 barrels per day in the month under review.
According to secondary sources, the total of the 12 OPEC countries’ crude oil production averaged 26.66 million barrels per day in November 2024.
“Crude oil output increased mainly in Libya, Iran, and Nigeria, while production in Iraq, Venezuela, and Kuwait decreased”, OPEC said.
“At the same time, total non-OPEC DoC crude oil production averaged 14.01 mb/d in November 2024, which is 219 tb/d higher, m-o-m. Crude oil output increased mainly in Kazakhstan and Malaysia,” the organisation added.
In a related development, OPEC trimmed its 2024 and 2025 oil demand growth forecasts for the fifth time this year.
Now, the cartel expects the world’s oil demand growth at 1.61 million barrels per day from the previously 1.82 million barrels per day.
For 2025, OPEC says the world oil demand growth forecast is now at 1.45 million barrels per day, a 900,000 barrels per day cut from the previously expected 1.54 million barrels per day.
On the changes, OPEC says that the downgrade for this year owes to more bearish data received in the third quarter of 2024 while the projections for next year relate to the potential impact that will arise from US tariffs.
By Adedapo Adesanya
The duo of Afriland Properties Plc and Geo-Fluids Plc crashed the NASD Over-the-Counter (OTC) Securities Exchange by a marginal 0.06 per cent on Wednesday, December 11 due to profit-taking activities.
The OTC securities exchange experienced a downfall at midweek despite UBN Property Plc posting a price appreciation of 17 Kobo to close at N1.96 per share, in contrast to Tuesday’s closing price of N1.79.
Business Post reports that Afriland Properties Plc slid by N1.14 to finish at N15.80 per unit versus the preceding day’s N16.94 per unit, and Geo-Fluids Plc declined by 1 Kobo to trade at N3.92 per share compared with the N3.93 it ended a day earlier.
At the close of transactions, the market capitalisation of the bourse, which measures the total value of securities on the platform, shrank by N650 million to finish at N1.055 trillion compared with the previous day’s N1.056 trillion and the NASD Unlisted Security Index (NSI) went down by 1.86 points to wrap the session at 3,012.50 points compared with 3,014.36 points recorded in the previous session.
The alternative stock market was busy yesterday as the volume of securities traded by investors soared by 146.9 per cent to 5.9 million units from 2.4 million units, as the value of shares transacted by the market participants jumped by 360.9 per cent to N22.5 million from N4.9 million, and the number of deals increased by 50 per cent to 21 deals from 14 deals.
When the bourse closed for the day, Geo-Fluids Plc remained the most active stock by volume (year-to-date) with 1.7 billion units valued at N3.9 billion, followed by Okitipupa Plc with 752.2 million units worth N7.8 billion, and Afriland Properties Plc 297.5 million units sold for N5.3 million.
Also, Aradel Holdings Plc, which is now listed on the Nigerian Exchange (NGX) Limited after its exit from NASD, remained the most active stock by value (year-to-date) with 108.7 million units sold for N89.2 billion, trailed by Okitipupa Plc with 752.2 million units valued at N7.8 billion, and Afriland Properties Plc with 297.5 million units worth N5.3 billion.
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