The Nigerian Nationwide Petroleum Firm Restricted has introduced that the home refining of crude oil into Premium Motor Spirit, generally known as petrol, will save the nation about N367.2bn yearly.

NNPC’s Group Chief Government Officer, Mele Kyari, defined that the refining of crude oil into PMS in Nigeria would compress the logistics value round petrol provide by about N17/litre, describing this as important.

This was additionally confirmed by oil entrepreneurs on Wednesday, who instructed our correspondent that it was excessive time the Federal Authorities, via NNPC, obtained Nigeria’s refineries working, based mostly on the massive advantages this may avail the nation.

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NNPC provides over 60 million litres of petrol each day to maintain Nigeria moist with the product. A N17/litre discount in logistics value would translate to N1.02bn financial savings each day.

Based mostly on this, Nigeria goes save over N367bn yearly as soon as the nation begins producing petrol domestically from Dangote Refinery, in addition to the nation’s refineries below the administration of NNPC

Kyari, whereas talking throughout a programme on Nigeria Tv Authority, added that efforts had been ongoing to get the Port Harcourt and Warri refineries prepared within the first half of this yr.

It was identified that the native refining of crude wouldn’t result in a considerable lower in petrol costs, although there can be some logistical benefits.