The Nigerian National Petroleum Corporation (NNPC) has said it generated a total revenue of N2.393.88 trillion from the sales of petroleum products for the period May 2019 to May 2020, where 98.84 per cent of the sales with N2.366.15 trn came from sales of Premium Motor Spirit (PMS) or petrol.
This was contained in the May 2020 version of the NNPC Monthly Financial and Operations Report (MFOR) released on Wednesday by the Group General Manager, Group Public Affairs Division, Dr. Kennie Obateru.
- Reps to write Buhari as NNPC, CBN, NPA, others shun invitations
- NNPC negotiates cut in oil production cost to $10 per barrel
The state oil company also disclosed in the report that there was 43 per cent drop in cases of willful damage of its oil pipeline infrastructure by oil thieves in May, 2020.
But it said 37 pipeline points were vandalized, representing about 43 per cent decrease from the 65 points recorded in April 2020.
A further breakdown showed that Mosimi-Ibadan pipeline axis accounted for 38 per cent of the vandalized points while Atlas Cove—Mosimi axis recorded 19 per cent of the breaks.
Suleja-Kaduna logged 16 per cent of the breaks, while other locations make up for the remaining 27 per cent, it said.
Monitoring daily stock of PMS
The NNPC May MFOR also said the corporation had continued to monitor the daily stock of PMS, otherwise called petrol, to achieve smooth distribution of the products to ensure zero fuel queue across the nation.
It stated that towards this end, 950.67million litres of white products were sold and distributed by the corporation’s downstream subsidiary, the Petroleum Products Marketing Company (PPMC) in May, 2020.
This comprised 950.67million litres of PMS only with no Automotive Gas Oil (AGO) or Dual Purpose Kerosene (DPK), adding that there was no sale of special product in the month.
Total sale of white products for the period May 2019 to May 2020 stood at 19,865.80million litres and PMS accounted for 19,704.49million litres or 99.19 per cent.
Total revenue generated from the sales of white products for the period May 2019 to May 2020 stood at ₦2,393.88billion, where PMS contributed about 98.84 per cent of the total sales with a value of ₦2,366.15billion.
In the gas sector, natural gas production in May 2020 increased by 2.38 per cent at 226.51Billion Cubic Feet (BCF) compared to output in April 2020; translating to an average daily production of 7,480.36million Standard Cubic Feet of gas per day (mmscfd).
Likewise, the daily average natural gas supply to gas power plants increased by 5.87 per cent to 834mmscfd, equivalent to power generation of 3,128MW.
The NNPC May report stated that the group’s operating revenue, compared to April 2020’s, increased by 15.33 per cent or N31.68billion to stand at N238.33billion, while expenditure for the month decreased by 0.76 per cent or N1.81Billion, to stand at N235.66billion.
The May 2020 report indicated a trading surplus of ₦2.68billion compared to the ₦30.81billion deficit posted in April 2020 when the effect of COVID-19 was at the peak, leading to reduced demand with fluctuating prices.
The NNPC report said the 109 per cent upturn in revenue this month is the cumulative result of improved performances by some of the corporation’s Strategic Business Units.
While the Nigerian Petroleum Development Company (NPDC) posted a surplus due to substantial growth in the market fundamentals as demand began a slight recovery; the Nigerian Gas Marketing Company (NGMC) recorded 257 per cent increased profit attributed to improved debt collection.
Similarly, PPMC’s surplus rose 250 per cent from investment dividend received and significant drop in average product landing cost.
In addition, Corporate Headquarters deficit ebbed by 47 per cent in May, according to the report, compared to last month’s, while NNPC Retail, Integrated Data Services Limited (IDSL), NNPC Shipping and Ventures also contributed positively to the month’s performance, leading to the significant NNPC Group surplus position during the period under review.
Join Daily Trust WhatsApp Community For Quick Access To News and Happenings Around You.
