Petrol Tops Nigeria’s White Products Sales, Generates N1.9trn in 13 Months
The Nigerian National Petroleum Corporation (NNPC) has said that its downstream subsidiary, the Petroleum Products Marketing Company, recorded a total of ₦1.95tn from the sale of white products for the period October 2019 to October 2020.
It stated that out the total revenues generated from the sale of white products, Premium Motor Spirit or petrol accounted for about 99.07 per cent of the total sales with a value of over ₦1.9tn for the period.
The national oil company made this known on Thursday in its October 2020 edition of the NNPC Monthly Financial and Operations Report.
According to the report, the Petroleum Products Marketing Company, recorded a total of ₦158.04bn from the sale of white products in the month of October 2020.
White products include petrol, kerosene and diesel. The N158.04bn sales represent 92 per cent increase over the ₦80.15bn sales in September 2020.
The report revealed that in terms of volume, the October 2020 sales figure translates to a total of 1,224.54 billion litres of white products sold and distributed by PPMC within the period compared with 603.39 million litres in the month of September 2020.
This comprised 1,224.20 billion litres of PMS, 0.31 million litres of Automotive Gas Oil, also known as diesel, and 0.033 million litres of Dual Purpose Kerosene.
Total sales of white products for the period October 2019 to October 2020 stood at 16,462.50 billion litres and PMS accounted for 16,344.36 billion litres or 99.28 per cent.
The report also revealed that 23 pipeline points were vandalized during the month under review, adding that it represented about 10 per cent increase from the 21 points recorded in September 2020.
Of this figure, Mosimi Area accounted for 83 per cent of the vandalised points, while Port Harcourt Area accounted for the remaining 17 per cent.
In the gas sector, a total of 214.07 billion cubic feet of natural gas was produced in the month October 2020, translating to an average daily production of 6,908.34 million standard cubic feet per day.
The daily average natural gas supply to power plants increased by 8.6 per cent to 745mmscfd, equivalent to power generation of 2,801 megawatts.
For the period of October 2019 to October 2020, a total of 3,018 BCF of gas was produced, representing an average daily production of 7,658.88 mmscfd during the period.
The report also indicated that period-to-date gas production from joint ventures, Production Sharing Contracts and Nigeria Petroleum Development Company, contributed about 68.18, 20.12 and 11.7 per cent respectively to the total national gas production.
By Peace Obi