The Nigerian National Petroleum Corporation (NNPC) has recorded a N39.85 billion trading surplus in February, 2021.
This represents a 314.24 percent leap from the N9.62bn surplus it recorded in January, 2021, according to the February, 2021, edition of the NNPC Monthly Financial and Operations Report (MFOR).
In a statement, the Group General Manager, Group Public Affairs Division of the corporation, Dr Kennie Obateru, said trading surplus or trading deficit was derived after deduction of the expenditure profile from the revenue for the period under review.
In February, 2021, NNPC’s operating revenue rose by 35.64% or N152.07bn to stand at N578.79bn from what it was in January.
Expenditure increased by 29.21% or N121.83bn to stand at N538.94bn, it stated.
The corporation said the significant increase in trading surplus was due to reconciled accounts by its downstream subsidiary, the Petroleum Products Marketing Company (PPMC), using the Petroleum Products Pricing Regulatory Agency (PPPRA) pricing template. Other factors that boosted the trading surplus figure, according to the corporation, included the performance of Duke Oil, Nigerian Gas Company (NGC) and Nigerian Gas Marketing Company (NGMC) which recorded robust gains as a result of increased debt collection and cost optimisation measures.
Also, 54 pipeline points were vandalised, representing a 50% increase from the 27 points recorded in January, 2021.
The Warri area accounted for 50 per cent and Mosimi area accounted for 39% of the vandalised points, while Kaduna and Port Harcourt areas accounted for 7% and 4% respectively.
NNPC said it supplied a total of 1.41bn litres of Premium Motor Spirit (petrol), translating to 50.52 million litres/day.
Out of the 206.05 Billion Cubic Feet (BCF) of gas produced in February, 133.06BCF was commercialised, consisting of 40.15BCF and 92.91BCF for the domestic and export market.
While 64.48% of the average daily gas produced was commercialised, 35.52% was re-injected and used as upstream fuel gas or flared.
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