Nigeria: NNPC Rakes in N2.3tn From Petroleum Sales

6 August 2020

The Nigerian National Petroleum Corporation (NNPC) said it generated N2.393.88 trillion from the sales of petroleum products from May 2019 to May 2020.

In its May 2020 Monthly Financial and Operations Report (MFOR) released on Wednesday, NNPC said 98.84 per cent of the sales with N2.366.15tn came from sales of Premium Motor Spirit (PMS) or petrol.

The state oil company also disclosed in the report that there was 43 percent drop in cases of willful damage of its oil pipeline infrastructure by oil thieves in May, 2020.

But it said 37 pipeline points were vandalized representing about 43 per cent decrease from the 65 points recorded in April 2020.

The NNPC May MFOR also said towards this end, 950.67 million litres of white products were sold and distributed by the corporation's downstream subsidiary, the Petroleum Products Marketing Company (PPMC) in May, 2020.

This comprised 950.67m litres of PMS only with no Automotive Gas Oil (AGO) or Dual Purpose Kerosene (DPK), adding that there was no sale of special product in the month.

Total sale of white products for the period May 2019 to May 2020 stood at 19,865.80m litres and PMS accounted for 19,704.49m litres or 99.19 per cent.

The report stated that ₦92.58 billion was made on the sale of white products by PPMC in May 2020.

Total revenue generated from the sales of white products for the period May 2019 to May 2020 stood at ₦2,393.88bn, where PMS contributed about 98.84 per cent of the total sales with a value of ₦2,366.15bn.

In the gas sector, natural gas production in May 2020 increased by 2.38 per cent at 226.51bn Cubic Feet (BCF) compared to output in April 2020; translating to an average daily production of 7,480.36m Standard Cubic Feet of gas per day (mmscfd).

Likewise, the daily average natural gas supply to gas power plants increased by 5.87 per cent to 834mmscfd, equivalent to power generation of 3,128MW.

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