NNPC Records N2.5tn from Petrol Sales in One Year

The Nigerian National Petroleum Corporation (NNPC) yesterday in Abuja announced that that total revenues recorded from the sales of white products for the period February 2019 to February 2020 stood at about 2.6trillion, with petrol contributing about 98.06 per cent of the total sales value of about 2.5 trillion.

The February 2020 Monthly Financial and Operations Report (MFOR) also indicated that its downstream subsidiary company in charge of bulk sales and distribution of petroleum products, the Petroleum Products Marketing Company (PPMC), recorded 211.62billion sale of white products in the second month of 2020.

A statement issued yesterday by the corporation’s Group General Manager, Group Public Affairs Division, Dr. Kennie Obateru, explained that the figure (211.62billion), contained in the February, 2020, NNPC, MFOR was significantly higher compared to the previous month’s record which stood at 151.79billion.

The report stated that about 1.7billion litres of white products were sold and distributed by PPMC in the month of February 2020 compared with about 1.2 billion litres sold in January 2020.

This comprised about 1.7 billion litres of petrol and 1.09million litres of diesel. Also, there was sale of 0.01million litres of special product, Low Pour Fuel Oil (LPFO) in the month.

Total sale and distribution of white products for the period February 2019 to February 2020 stood at about 21 billion litres and petrol accounted for 20.8billion litres or 98.73 per cent.

During the period under review, a total of 32 pipeline-points malfunctioned or were vandalised, representing about 47 per cent decrease from the 60 points recorded in January 2020. These comprised 22 pipeline breaches, eight-weld failures and two pipeline ruptures.

It said that Mosimi area accounted for 78 per cent of total cases, the Port Harcourt axis 16 per cent and all other routes accounted for the remaining 6 per cent.

In respect of natural gas off-take, commercialisation and utilisation, out of the 241.74Billion Cubic Feet (BCF) of gas supplied in February 2020, 146.54BCF was commercialised, consisting of 35.83BCF and 110.71BCF for the domestic and export market respectively.

The corporation said that this translated to a total supply of 1,235.56million Standard Cubic Feet per day (mmscfd) of gas to the domestic market and 3,817.40mmscfd of gas supplied to the export market for the month.

During the period, the report said 699mmscfd was delivered to gas-fired power plants to generate an average power of about 3,064MW, compared with January 2020 when an average of 640mmscfd was supplied to generate 2,683MW.

The 55th edition of the MFOR indicated an increased trading surplus of ₦3.95billion compared to the ₦1.87billion surplus posted in January 2020.

The 111 per cent growth in the month, the report stated, was largely attributable to improved performance of the Nigerian Gas Company (NGC), as a result of its low expenses put at over 100 per cent.

Other reasons cited for the increased trading surplus are the reduced deficits post by the downstream units, refineries, as well as the NNPC corporate headquarters.