The Petroleum Products Marketing Company (PPMC), a downstream subsidiary of the Nigerian National Petroleum Company (NNPC) Ltd realized N203.73 billion from the sale of refined products in July.
The company in a statement on Wednesday said this was part of the 72nd edition of the NNPC Monthly Financial and Operations Report (MFOR).
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The company sold 1.544bn litres of petroleum products with petrol or Premium Motor Spirit (PMS) accounting for 99 per cent of this.
Unlike its statement of the June report where it said 54.5 million litres of petrol daily was consumed for that month, there was no consumption record for July. It had revealed 72.3m litres daily as the consumption figure for May.
For July consumption, NNPC simply said: “To ensure sustained increase and effective distribution of petroleum products, especially PMS, across the country, the NNPC has continued to diligently monitor the daily stock of petrol to achieve success in this regard.”
The report also revealed that total revenues generated from the sales of white products from July 2020 to July 2021 was over N2.563 trillion with petrol having 99.67% of it. In terms of volume, 19.535bn litres were sold with petrol having 99.73% of that.
NNPC also said the average daily gas supply to power plants increased by 5.23% in July at 759 million standard cubic feet of gas per day (MMSCFD). That would produce 3,250 megawatts (MW) of electricity against the 721mmscfd supplied to generate about 3,181MW in June.
Daily Trust reports that Nigeria’s average power generation is at 4,000MW most times, and could drop to 3,800MW occasionally. Three hydropower plants contribute about 30% of the national grid power generation while about 23 gas-fired plants produce the 70% balance.
According to the report, national gas production in July 2021 increased by 3.99% at 232.69 Billion Cubic Feet (BCF) compared to the output in the previous month, translating to an average daily production of 7,502.28mmscfd.
In the Upstream, NNPC recorded $191.26m in exports, rising above the $188.00m it had in June. Revenue from crude oil was $12.95m while gas and miscellaneous receipts stood at $78.69m and $99.61m respectively.
Total crude oil and gas export receipts from July 2020 to July 2021 stood at $1.73bn, NNPC cited the report.
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