Local sales of petroleum products by the Petroleum Products Marketing Company (PPMC) rose from N151.79 billion in January to N211.62 in February 2020, an almost 40 percent increase, it has been announced.
PPMC is a subsidiary of the Nigeria National Petroleum Corporation (NNPC) and a dominant supplier of petroleum products to local distributors for domestic consumption, in addition to wheeling crude to refineries.
NNPC spokesperson, Dr. Kennie Obateru, said in a statement that the February figures have already been published in the Corporation’s February Monthly Financial and Operations Report.
The report indicates that finished products accounts for N2.6trillion sales in one year (February 2019 – February 2020), with petrol contributing about 98.06 per cent of the total sales value at ₦2.5trillion.
The N211.62Bn sales in February 2020 came from more than 1.7billion litres of white products pumped into the market by PPMC, compared with about 1.2 billion litres that were sold in January.
This comprised about 1.7 billion litres of PMS, 1.09million litres of AGO, and sale of 0.01million litres of the special product called Low Pour Fuel Oil (LPFO) in the month.
Obateru also reported that during the period, 32 pipeline-points malfunctioned or were vandalized, a 47 per cent decrease from the 60 points recorded in January 2020.
A breakdown shows that there were 22 pipeline breaches, eight-weld failures and two pipeline ruptures, with the Mosimi loading depot accounting for 78 per cent of total cases, followed by Port Harcourt axis with 16 per cent and all other routes accounting for the remaining 6 per cent.
The Report also shows that of the 241.74Billion Cubic Feet (BCF) of gas supplied in February 2020, 146.54BCF was commercialized, consisting of 35.83BCF and 110.71BCF for the domestic and export market respectively
This translates to a total supply of 1,235.56million 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.
During the period, the report said 699mmscfd was delivered to gas-fired power plants to generate an average power of about 3,064MW, compared with January 2020 when an average of 640mmscfd was supplied to generate 2,683MW.
Nigeria witnessed an increased trading surplus of ₦3.95billion compared to the ₦1.87billion surplus posted in February 2020
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 for the increased trading surplus are the reduced deficits post by the Downstream units, refineries, as well as the NNPC corporate Headquarters.