The Nigerian National Petroleum Corporation (NNPC) has confirmed that the total revenue generated from the sales of white products in May 2020, stood at ₦2,393.88billion, where PMS contributed about 98.84% of the total sales with a value of ₦2,366.15billion.

According to the NNPC Monthly Financial and Operations Report (MFOR), during the month under review, N92.58 billion was realized from white (refined) products in the month of May, 2020 by Petroleum Products Marketing Company (PPMC).

The report further said the sales came from 950.67million litres of PMS only with no Automotive Gas Oil (AGO) or Dual Purpose Kerosene (DPK), adding that there was no sale of special product in the month.

Total sale of white products for the period May 2019 to May 2020 stood at 19,865.80million litres and PMS accounted for 19,704.49million litres or 99.19 per cent.

It stated that 950.67million litres of white products were sold and distributed by the corporation’s downstream subsidiary, during the month in review.

In the gas sector, natural gas production in May 2020 increased by 2.38 per cent at 226.51Billion Cubic Feet (BCF) compared to output in April 2020; translating to an average daily production of 7,480.36million Standard Cubic Feet of gas per day (mmscfd).

Likewise, the daily average natural gas supply to gas power plants increased by 5.87 per cent to 834mmscfd, equivalent to power generation of 3,128MW. The report stated further that the Group’s operating revenue, compared to April 2020’s, increased by 15.33% or N31.68billion to stand at N238.33billion, while expenditure for the month decreased by 0.76% or N1.81Billion, to stand at N235.66billion.

The May 2020 report indicated a trading surplus of ₦2.68billion compared to the ₦30.81billion deficit posted in April 2020 when the effect of COVID-19 was at the peak, leading to reduced demand with fluctuating prices.

The NNPC report said the 109 per cent upturn in revenue this month is the cumulative result of improved performances by some of the corporation’s Strategic Business Units.

While the Nigerian Petroleum Development Company (NPDC) posted a surplus due to substantial growth in the market fundamentals as demand began a slight recovery; the Nigerian Gas Marketing Company (NGMC) recorded 257 per cent increased profit attributed to improved debt collection.

PPMC’s surplus rose 250% from investment dividend received and significant drop in average product landing cost. Corporate Headquarters deficit ebbed by 47% in May, compared to the preceding month.

NNPC Retail, Integrated Data Services Limited (IDSL), NNPC Shipping and Ventures also contributed positively to the month’s performance, leading to the significant NNPC Group surplus position during the period under review.

NNPC said it recorded an encouraging 43% drop in cases of willful damage of its oil pipeline infrastructure by suspected oil thieves in May, 2020, highlighting that 37 pipeline points were vandalized representing about 43% decrease from the 65 points recorded in April 2020.

The Mosimi-Ibadan pipeline axis accounted for 38% of the vandalized points while Atlas Cove—Mosimi axis recorded 19% of the breaks. Suleja-Kaduna logged 16% of the breaks, while other locations make up for the remaining 27%

By Chibisi Ohakah, Abuja

Be the first to know when we publish an update

Be the first to know when we publish an update

Leave a Reply