Nigeria: NNPC Sold N234bn Petroleum Products in March

2 August 2021

The Nigerian National Petroleum Corporation (NNPC) said its downstream subsidiary, the Petroleum Products Marketing Company (PPMC), sold N234.63 billion worth of petroleum products in March 2021.

It represented a 24.7 percent increase from the N188.15bn sales of white products recorded in February.

This is contained in the March 2021 (68th edition) of the NNPC Monthly Financial and Operations Report (MFOR), said a statement from the NNPC spokesman, Dr. Kennie Obateru.

From March 2020 to March 2021, NNPC gotN2.129 trillion from product sale; petrol brought 99.24% or N2.113tr of the total sales.

PPMC sold and distributed 1.75bn litres of white products which was lower than 1.4bn litres sold in February. Out of this, petrol or Premium Motor Spirit (PMS) was the highest with diesel (Automotive Gas Oil, AGO), having a slight volume.

From March 2020 to March 2021, the firm sold 17.374bn litres of white products with PMS having 17.265bn litres or 99.37%.

NNPC said 222.74bn cubic feet (bcf) of natural gas was produced in March, translating to an average daily production of 7,183.33 million standard cubic feet per day (mmscfd).

Production from Joint Ventures (JVs), Production Sharing Contracts (PSCs) and NPDC contributed about 63.23%, 19.78% and 63.99% respectively to the total national gas production.

Out of the 210.55bcf supplied in March, 138.38bcf was commercialized (45.42bcf domestic market and 92.96bcf for export market).

This translates to 1,465.42mmscfd of gas supplied to the domestic market and 2,998.26mmscfd supplied to the export market.

It said 63.18% of the average daily gas produced was commercialized while the balance of 36.82% was re-injected, used as upstream fuel gas or flared.

It said 844mmscfd gas was supplied to gas-fired power plants in March to generate about 3,530 megawatts (MW), higher than 825mmscfd (for 3,580MW) supplied in February.

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