- 111 percent Increase in Trading Surplus Recorded
Despite dwindling oil prices and a glut in the international market, The Nigerian National Petroleum Corporation (NNPC) Tuesday in Abuja announced that the corporation raked in the sum of ₦211.62billion from petroleum product sales in February. This is according to the NNPC Monthly Financial and Operations Report (MFOR).
This figure, which was significantly higher compared to the previous month’s record of ₦151.79billion was made possible through Petroleum Products Marketing Company (PPMC) the corporation’s downstream subsidiary company in charge of bulk sales and distribution of petroleum products.
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The February 2020 MFOR also indicated that total revenues recorded from the sales of white products for the period February 2019 to February 2020 stood at about ₦2.6trillion, with petrol contributing about 98.06 percent of the total sales value of about ₦2.5trillion.
The report stated that about 1.7billion litres of white products were sold and distributed by PPMC in the month of February 2020 compared with about 1.2 billion litres sold in January 2020.
This comprised about 1.7 billion litres of PMS and 1.09million litres of AGO. Also, there was sale of 0.01million litres of special product, Low Pour Fuel Oil (LPFO) in the month.
Total sale and distribution of white products for the period February 2019 to February 2020 stood at about 21billion liters) and PMS accounted for 20.8billion liters or 98.73 percent.
During the period under review, a total of 32 pipeline-points malfunctioned or were vandalized, representing about 47 percent decrease from the 60 points recorded in January 2020. These comprised 22 pipeline breaches, eight-weld failures, and two pipeline ruptures.
Mosimi area accounted for 78 per cent of total cases, the Port Harcourt axis 16 per cent and all other routes accounted for the remaining 6 per cent.
In respect of natural Gas off-take, commercialization and utilization, out of the 241.74Billion Cubic Feet (BCF) of gas supplied in February 2020, 146.54BCF was commercialized, consisting of 35.83BCF and 110.71BCF for the domestic and export market respectively, translating to a total supply of 1,235.56million Standard Cubic Feet per day (mmscfd) of gas to the domestic market and 3,817.40mmscfd of gas supplied to the export market for the month.
During the period, the report said 699mmscfd was delivered to gas-fired power plants to generate an average power of about 3,064MW, compared with January 2020 when an average of 640mmscfd was supplied to generate 2,683MW.
The 55th edition of the MFOR indicates an increased trading surplus of ₦3.95billion compared to the ₦1.87billion surplus posted in January 2020.
The 111 per cent 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 the increased trading surplus are the reduced deficits post by the Downstream units, refineries, as well as the NNPC Corporate Headquartres.
