NNPC records N211. 62bn from products sales in February – Report

The Nigerian National Petroleum Corporation (NNPC) says it recorded ₦211.62 billion sale of white products in February.

The corporation disclosed this in its Monthly Financial and Operation Report (MFOR), released in Abuja on Tuesday.

The white products are Kerosene, Diesel and Premium Motor Spirit (PMS), also known as petrol.

The sales, it said, were made by the Petroleum Products Marketing Company (PPMC), the corporation’s downstream subsidiary company in charge of bulk sales and distribution of petroleum products.

It noted that the ₦211.62billion figure was significantly higher compared to the previous month’s record, which stood at ₦151. 79billion.

It also indicated that total revenues recorded from the sales of white products for the period, February 2019 to February 2020, stood at about ₦2. 6 trillion.

According to the report, petrol contributes about 98.06 per cent of the total sales value of about ₦2.5trillion.

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

“This comprised about 1.7 billion litres of PMS and 1.09million litres of AGO.

“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 21billion litres, and PMS accounted for 20.8billion litres or 98.73 per cent,” it said.

The report further noted that during the period under review, a total of 32 pipeline-points either malfunctioned or were vandalised.

This, it said, represented about 47 per cent decrease from the 60 points recorded in January.

“These comprised of 22 pipeline breaches, eight weld failures and two pipeline ruptures.

“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,” it said

On natural Gas off-take, commercialisation and utilisation, it noted that out of the 241.74 Billion Cubic Feet (BCF) of gas supplied in February, 146.54BCF was commercialised.

This consist of 35.83BCF and 110.71BCF for the domestic and export market respectively.

The report noted it translated 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.

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

The report also indicated an increased trading surplus of ₦3.95billion compared to the ₦1.87billion surplus posted in January.

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 in the report for the increased trading surplus were the reduced deficits post by the downstream units, refineries, as well as the NNPC corporate headquarters. (NAN)