Nigeria’s sales of petroleum products surges by 92% – NNPC

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NNPC records ₦28.38bn trading surplus in Sept — ReportBy Prince Okafor

The Nigerian National Petroleum Corporation, NNPC, Thursday, said its downstream subsidiary, Petroleum Products Marketing Company, PPMC, recorded a total of N158.04 billion from the sales of white product in the month of October 2020.

This is an increase of 92 percent, when compared to N80.15 billion recorded on the previous month of the same year.

White products include Premium Motor Spirit, PMS, also known as petrol, Dual Purpose Kerosene, DPK, and Automotive Gas Oil, also known as diesel.

According to the corporation’s October 2020 edition Monthly Financial and Operations Reports, MFOR, made available to Vanguard by its group general manager, Group Public Affairs Division Kennie Obateru, a total revenues generated from the sales of white products for the period October 2019 to October 2020 stood at ₦1.95 trillion, with Premium Motor Spirit (PMS) accounting for about 99.07% of the total sales with a value of over ₦1. 9 trillion.

In terms of volume, the October 2020 sales figure translates to a total of 1.224.54 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.

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%.

In the month under review, 23 pipeline points were vandalized representing about 10% increase from the 21 points recorded in September 2020. Of this figure, Mosimi Area accounted for 83 percent of the vandalized points while Port Harcourt Area accounted for the remaining 17 percent.

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.

The daily average natural gas supply to power plants increased by 8.60% to 745mmscfd, equivalent to power generation of 2,801Megawatts.

For the period of October 2019 to October 2020, a total of 3,018 BCF of gas was produced, representing an average daily production of 7,658.88 mmscfd during the period.

The October 2020 MFOR also indicates that period-to-date gas production from Joint Ventures, JVs, Production Sharing Contracts, PSCs, and NPDC contributed about 68.18%, 20.12% and 11.70% respectively to the total national gas production.

In terms of natural gas off take, commercialization and utilization, out of the 208.96 BCF of gas supplied in October 2020, a total of 118.40 BCF of gas was commercialized, consisting of 38.07 BCF and 88.90 BCF for the domestic and export market respectively.

This translates to a total supply of 1,269.03mmscfd of gas to the domestic market and 2,870.57mmscfd of gas supplied to the export market for the month.

This 63rd edition of the MFOR highlights NNPC’s activities for the period of October 2019 to October 2020.

In line with the Corporation’s commitment of becoming more accountable, transparent and driven by performance excellence, NNPC has continued to sustain effective communication with stakeholders through this report via publications on its website and in national dailies.

Vanguard News Nigeria

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