The Nigerian National Petroleum Company Limited has explained that the modular refineries in Nigeria were not producing Premium Motor Spirit because of the regulated pump price of petrol by the government.
A modular refinery is a simplified refinery requiring significantly less capital investment than traditional full-scale refineries.
They are crude oil processing facilities with capacities of up to 30,000 barrels per day.
While Nigeria has several modular refineries in Edo, Delta, Imo and other states, there are plans to increase the number through private sector investments.
This came as data released on Wednesday by the Organisation of Petroleum Exporting Countries indicated that OPEC had raised Nigeria’s oil production quota from the 1.718 million barrels per day target in March to 1.735 million BPD in April 2022.
Also, it was observed that the cost of Brent, the crude against which Nigeria’s oil is priced, appreciated on Wednesday, rising to $111.03/barrel as at 6.54 pm Nigerian time, amidst the increase in OPEC oil production quota for Nigeria.
The organisation raised the country’s crude oil production quota following the conclusion of the 26th OPEC and non-OPEC Ministerial Meeting, held via video conference on March 2, 2022.
