NNPC made ₦2 trillion in one year selling fuel: Report

The Nigerian National Petroleum Corporation (NNPC) says it made ₦2.129 trillion from selling petroleum products between March 2020 and March 2021.

The Nigerian National Petroleum Corporation (NNPC) says it made ₦2.129 trillion from selling petroleum products between March 2020 and March 2021.

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

The sales came from its downstream subsidiary, the Petroleum Products Marketing Company (PPMC).

“The total revenues generated from the sales of white products for the period of March 2020 to March 2021 stood at ₦2.129 trillion, where petrol contributed about 99.24 per cent of the total sales with a value of ₦2.113 trillion,’’ it said.

According to the report, PPMC records ₦234.63 billion revenue from white products in March 2021, representing a 24.7 per cent increase from the ₦188.15 billion sales recorded in February.

In terms of volume, the report noted that the value translated to 1.75 billion litres of white products sold and distributed by PPMC in March 2021, compared to 1.4 billion litres in February.

This volume, it said, was made up of 1.782 billion litres of petrol and 0.45 million litres of diesel.

“Total sale of white products for the period of March 2020 to March 2021 stood at 17.374 billion litres, and petrol accounted for 17.265 billion litres or 99.37 per cent,’’ it said.

The MFOR noted that the corporation continued to monitor the daily stock of petrol to achieve uninterrupted supply, effective distribution, and zero fuel queue across Nigeria.

In the gas sector, 222.74 billion cubic feet (bcf) of natural gas was produced in March 2021, translating to an average daily production of 7,183.33 million standard cubic feet per day (mmscfd).

It revealed that from March 2020 to March 2021, 2,911.62bcf of gas was produced, representing an average daily production of 7,409.60mmscfd.

“Production from Joint Ventures (JVs) Production Sharing Contracts (PSCs) and NPDC contributed about 63.23 per cent, 19.78 per cent and 63.99 per cent respectively to the total national gas production,” stated the report. “In terms of natural gas off-take, commercialisation and utilisation, out of the 210.55bcf supplied in March 2021, a total of 138.38bcf was commercialised, consisting of 45.42bcf and 92.96bcf for the domestic and export market respectively.’’