NNPC Increases Petrol Sales – Local sales of petroleum products rose from N151.79Bn in January to N211.62Bn in February 2020
Sales figures released by Petroleum Products Marketing Company (PPMC) show an almost 40 percent increase, it was announced.
PPMC an NNPC subsidiary is a dominant supplier of petroleum products to local distributors for domestic consumption. In addition, it wheels crude to refineries.
NNPC spokesperson, Dr. Kennie Obateru, released the figures in a statement. He extracted them from 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). Petrol contributed about 98.06 per cent of the total sales value at ₦2.5trillion.
The N211.62Bn sales in February 2020 came from over 1.7billion litres of white products pumped into the market by PPMC. In comparison, about 1.2 billion litres that were sold in January.
This comprised 1.7billion litres of PMS, 1.09million litres of AGO, and 0.01million litres of Low Pour Fuel Oil in February.
During the period, 32 pipeline-points malfunctioned or were vandalized. This is a 47 per cent decrease from the 60 points recorded in January 2020, Obatetu said.
A further breakdown shows 22 pipeline breaches, eight-weld failures and two pipeline ruptures. Mosimi loading depot accounted for 78 per cent of total cases. It is followed by Port Harcourt axis with 16 percent and all other routes accounting for the remaining 6 percent.
Gas Business
The Report also shows that of the 241.74Billion Cubic Feet (BCF) of gas supplied in February 2020, 146.54BCF was commercialized. This consisted of 35.83BCF and 110.71BCF for the domestic and export market respectively
The supply translates to total supply of 1,235.56million Standard Cubic Feet per day (mmscfd) of gas to the domestic market. The balance of 3,817.40mmscfd of gas was supplied to the export market for the month.
During the period, the report said 699mmscfd was delivered to gas-fired power plants to generate average power of about 3,064MW. In comparison, 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 percent 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 increased trading surplus are reduced deficits by Downstream units, refineries, and NNPC corporate Headquarters.
NNPC Increases Petrol Sales
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