NNPC makes N1.9trn from petroleum products sales in 12 months

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NNPC makes N1.9trn from petroleum products sales in 12 months

By Obas Esiedesa

THE Nigerian National Petroleum Corporation (NNPC) Thursday disclosed that it generated N1.95 trillion from the sales of petroleum products in 12 months, from October 2019 to October 2020.

The Corporation in a statement, yesterday, by its Group General Manager, Group Public Affairs Division, Dr. Kennie Obateru said premium motor spirit (petrol) accounted for about 99.07 percent of the total sales with a value of over N1.9 trillion.

NNPC said its downstream subsidiary, the Petroleum Products Marketing Company, PPMC, recorded a total of N158.04 billion from the sales of white products in the month of October 2020 representing 92 percent increase over the N80.15 billion sales in September 2020.

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Obateru explained that the figures are contained in the October 2020 edition of the NNPC Monthly Financial and Operations Reports (MFOR).

He stated that in terms of volume, the October 2020 sales figure translates to a total of 1.224 billion litres of white products sold and distributed by PPMC within the period compared with 603.39 million litres in the month of September 2020.

“This comprised 1.224.20 billion litres of PMS, 0.31 million litres of Automotive Gas Oil (AGO) also known as diesel   and 0.033 million litres of Dual Purpose Kerosene (DPK).

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“Total sales of white products for the period October 2019 to October 2020 stood at 16.462.50 billion litres and PMS accounted for 16.344.36 billion litres or 99.28 percent”, he added.

He disclosed that also in October, 2020, 23 pipeline points were vandalized representing about 10 percent increase from the 21 points recorded in September 2020.

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“Of this figure, Mosimi Area accounted for 83 percent of the vandalized points while Port Harcourt Area accounted for the remaining 17 percent”.

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He stated that in the gas sector, a total of 214.07 billion cubic feet (bcf) of natural gas was produced in the month October 2020, translating to an average daily production of 6,908.34 million standard cubic feet per day (mmscfd).

He said the daily average natural gas supply to power plants increased by 8.60 percent to 745mmscfd, equivalent to power generation of 2,801 megawatts.

Vanguard News Nigeria

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