NNPC recorded N2.68bn trading surplus in May

•Declares 43% decline in oil pipeline vandalism

The Nigerian National Petroleum Corporation (NNPC) on Wednesday says it recorded a trading surplus of N2.68 billion in May 2020, compared to the ₦30.81 billion deficit posted in April.

It also disclosed a 43 per cent decline in cases of wilful damage of its oil pipeline infrastructure by suspected oil thieves in the month under review.

The corporation in a statement by its Group General Manager, Group Public Affairs Division, Dr Kennie Obateru, explained that details of the report contained in the May 2020 version of the NNPC Monthly Financial and Operations Report (MFOR), said the deficit recorded in April was 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.”

He also stated that the Group’s operating revenue, compared to April 2020’s, increased by 15.33 per cent or N31.68 billion to stand at N238.33 billion, while expenditure for the month decreased by 0.76 per cent or N1.81 billion, to stand at N235.66 billion.

On the drop in pipeline vandalism, he said the report indicated that 37 pipeline points were vandalised representing about 43 per cent decrease from the 65 points recorded in April 2020.

“A further breakdown showed that Mosimi-Ibadan pipeline axis accounted for 38 per cent of the vandalized points while Atlas Cove-Mosimi axis recorded 19 per cent of the breaks.

“Suleja-Kaduna logged 16 per cent of the breaks, while other locations make up for the remaining 27 per cent,” he said.

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

According to him, a total of ₦92.58 billion was made on the sale of white products by PPMC in May adding that the total revenue generated from the sales of white products for the period May 2019 to May 2020 stood at ₦2,393.88 billion.

He said PMS contributed about 98.84 per cent of the total sales with a value of ₦2,366.15 billion.

He noted that the NNPC had continued to diligently monitor the daily stock of Premium Motor Spirit (PMS), otherwise called petrol, to achieve smooth distribution of the products, and also to ensure zero fuel queue across the nation.

 

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