The Nigerian National Petroleum Company Limited has stated that the government’s controlled pump price of PMS was one of the main reasons modular refineries in Nigeria were not producing Premium Motor Spirit, also known as petrol.
A modular refinery is a streamlined refinery that requires much less capital than full-scale refineries. They’re crude oil processing plants with up to 30,000 barrels per day of capacity.
Nigeria has several modular refineries in Edo, Delta, Imo, and other states, with intentions to expand the number through private sector investment.
Nigeria’s oil output limit has been increased by OPEC as Brent crosses $111 per barrel.
OPEC increased Nigeria’s oil production limit from 1.718 million barrels per day in March to 1.735 million barrels per day in April 2022, according to figures issued by the Organization of Petroleum Exporting Countries.
Amid the rise in OPEC oil output quota for Nigeria, the cost of Brent, the crude against which Nigeria’s oil is priced, increased on Wednesday, increasing to $111.03/barrel as of 6.54pm Nigerian time.
Following the 26th OPEC and non-OPEC Ministerial Meeting, held by videoconference on March 2, 2022, the organization increased the country’s crude oil output limit.
Nigeria has recently fallen short of its oil production quota.
OPEC upped Nigeria’s crude oil production target for March early last month, despite the country’s failure to meet its authorized monthly output targets.
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