NNPC earns N234bn from sale of petroleum products in March

The Nigerian National Petroleum Corporation (NNPC) has announced that its downstream subsidiary, the Petroleum Products Marketing Company (PPMC), recorded N234.63 billion revenue from the sale of white products in March 2021.

This represents a 24.7 per cent increase from the N188.15 billion sales recorded in February 2021.

According to the March 2021 edition of the NNPC Monthly Financial and Operations Report (MFOR), the total revenues generated from the sales of white products for the period of March 2020 to March 2021 stood at N2.129 trillion, where petrol contributed about 99.2percent of the total sales with a value of N2.113 trllion.

In terms of volume, 1.782 billion litres of white products were sold and distributed by PPMC during the month under review compared to 1.4 billion litres in February 2021.

A breakdown showed that Premium Motor Spirit (PMS) took 1.75 billion litres of the entire product while 0.45million litres went to Automotive Gas Oil (AGO).

For gas, a total of 222.74 billion cubic feet (bcf) of natural gas was produced in March 2021 translating to an average daily production of 7,183.33 million standard cubic feet per day (mmscfd).

This implies that 63.18 per cent of the average daily gas produced was commercialized while the balance of 36.82 per cent was re-injected, used as upstream fuel gas or flared.

The report also informed that the Corporation recorded 70 vandalised points across its pipeline network in the period under review, representing 29.63 per cent increase from the 54 points recorded in the previous month.

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NNPC earns N234bn from sale of petroleum products in March