The Nigerian National Petroleum Corporation (NNPC) says it sold petrol worth N2.5 trillion between February 2019 and February 2020.
According to a statement signed by Kennie Obateru, group general manager of NNPC public affairs division, the corporation sold N211.62 billion worth of white products in February 2020.
February’s sales were higher than the N151.79 billion recorded in January.
Between February 2019 and 2020, NNPC said the total revenue recorded from the sale of white products was N2.6 trillion with petrol contributing about 98.06% of the total sales value of about ₦2.5trillion.
NNPC’s February 2020 monthly financial and operations report stated that about 1.7 billion litres of white products were sold and distributed by Petroleum Products Marketing Company (PPMC) compared with 1.2 billion litres sold in January 2020.
This comprised about 1.7 billion litres of PMS and 1.09million litres of AGO. Also, there was a 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 21billion litres) and PMS accounted for 20.8billion litres.
In February 2020, a total of 32 pipeline-points malfunctioned or were vandalized, representing about 47% decrease from the 60 points recorded in January 2020. These comprised 22 pipeline breaches, eight-weld failures and two pipeline ruptures.
Mosimi area accounted for 78% of total cases; the Port Harcourt axis, 16% and all other routes accounted for the remaining 6%.
In respect of natural gas off-take, commercialization and utilization, out of the 241.74 billion cubic feet (BCF) of gas supplied in February 2020, 146.54BCF was commercialized, consisting of 35.83BCF and 110.71BCF for the domestic and export market respectively, translating to a total supply of 1,235.56 million 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 indicates an increased trading surplus of ₦3.95 billion compared to the ₦1.87 billion surplus posted in January 2020.
The 111% growth in the month, the report stated, was attributed to improved performance of the Nigerian Gas Company (NGC), as a result of its low expenses.
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.
Source: The Cable
