Nigeria Realised N2.64trln From Petrol Sales In 13 Months
Nigerian National Petroleum Corporation has confirmed that the sale of its white products between December 2018 and December 2019 by its subsidiary, the Petroleum Products Marketing Company (PPMC) amounted to 21.861 billion litres, with petrol accounting for 98.41%.
Since the disengagement of private importers of petroleum products into Nigeria, the NNPC has been the sole importer of petrol products in the last two years.
In a report it leased last weekend in Abuja, the national oil company said it sold a total of 21.51 billion litres of petrol worth N2.64tn from December 2018 to December 2019.
The report said there were 40 vandalised pipeline points in December 2019, representing about 41% decrease from the 68 vandalised reported in November. It further said that out of the vandalised points, 10 failed to be welded, while none was ruptured. The Corporation said however that it had stepped up collaboration with local communities and other stakeholders to stem pipeline vandalism menace.
“The Atlas Cove-Mosimi and Mosimi-Ibadan axis accounted for 35% and 30% of the breaks respectively, while other routes accounted for the remaining 35%. The PPMC, the report said, distributed and sold 2.775 billion litres of white products in December, compared with 0.841billion litres recorded in November. The products comprised 2.76 billion litres of petrol, 0.013 billion litres of diesel, and 0.003 billion litres of Low Pure Fuel Oil.
A total of N337.63bn was made from the sale of white products, compared to N105.62 billion recorded in November. The national corporation said in the report that it grew its trading surplus to N5.28 billion in December 2019 from the N3.95 billion in November.
The report said the 13 month performance was impacted positively by the reduced deficit posted by the NNPC corporate headquarters and adjustments to previously understated revenues by Integrated Data Services Limited and Duke Oil. There was a reduction in the costs of pipeline repairs/right of way maintenance and gas purchases by the Nigerian Pipeline and Storage Company and the Nigeria Gas Marketing Company respectively.
It said out of the 239.29 billion cubic feet of gas supplied in December, a total of 148.32bcf was commercialised, consisting of 34.7bcf and 113.54bcf for the domestic and export market respectively.