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NNPC Ltd earns N147bn from petrol, diesel in 1 month

The Nigerian National Petroleum Company (NNPC) Limited earned N147.36 billion from the sales of products including petrol and diesel in October 2021. This was according…

The Nigerian National Petroleum Company (NNPC) Limited earned N147.36 billion from the sales of products including petrol and diesel in October 2021.

This was according to a statement by the company’s spokesman, Garbadeen Mohammed on its NNPC Limited’s Monthly Financial and Operations Report (MFOR) for October 2021, issued on Wednesday.

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According to the report, in the Downstream subsector, NNPC Ltd sold 1.101.02 million litres of white products through the Petroleum Products Marketing Company (PPMC), which was lower than the 1,390.19m litres recorded in September.

The breakdown, according to the oil company in Monthly Financial and Operations Report (MFOR) for October 2021 is that it sold 1,098.17m litres of Premium Motor Spirit (PMS) or petrol and 2.84m of Automotive Gas Oil (AGO) or diesel “which also translates to a sales revenue of N147.36 billion.”

For gas, the company supplied 594 million standard cubic feet (mmscft) of gas per day to gas-fired power plants in October 2021, which was higher than the 557mmscft it did in September 2021.

It said the total gas supply for power generation in October translates to an average power generation of about 2,944 megawatts (MW), which is higher than 2,701MW in the previous month.

 In terms of production, NNPC Ltd produced 197.71 Billion Cubic Feet (BCF) of gas from which it sold (commercialised) 121.05BCF. From the volume of gas sold, 34.93BCF went to the domestic market while it exported 86.13BCF. Its analysis indicates that while 62.54 per cent of the average daily gas produced was sold, 37.46% of the volume was re-injected, used as upstream fuel gas or flared.

The report said there were 26 vandalised points on its pipelines, representing a 33.33% increase compared to 21 pipeline breaks in September. The Mosimi area in the west had the highest (96%) incidents while the Port Harcourt area had the lowest (4%).

The report is the 75th since the company started publishing it in 2015. This is the first report NNPC Ltd is issuing since it was officially unveiled on July 19, 2022, as a limited liability company.