The figures showed that the reduction in deficit was due to decline in operating expenses and marginal increase in revenue of the corporation.
The report said that the reduction was largely driven by improved petroleum products sales and better cost control measures put in place by its downstream arm, the Pipelines and Products Marketing Company, PPMC.
The report also stated that the corporation recorded drastic slump in export sales due largely to shut in of about 300,000 barrels crude oil at Forcados Terminal, following the force majeure declared by Shell on February 15, 2016
NNPC Records N18.8billion Loss in March 2016 https://t.co/ZlOghOLrvr https://t.co/rFecwXb3VZ
NEW POST: #NNPC Records N18.8billion Loss in March 2016 https://t.co/Z8jaE9Q4yJ https://t.co/dBgnHVcgdh
NNPC Records N18.8billion Loss in March 2016 https://t.co/zjPKu3Emf6 https://t.co/EegPehkl7N