PPMC generated N1.95trn revenue from white products sale in 13 months ― Report

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4 years ago

A new report from the Nigerian National Petroleum Corporation (NNPC) says its downstream subsidiary, the Petroleum Products Marketing Company (PPMC), generated a total of N1.95 trillion from sales of white products between October 2019 to the same month in 2020.

For October 2020 alone, the Company recorded N158.04 billion representing 92 per cent increase over the N80.15 billion sales in September 2020.

This is contained in the October 2020 edition of the NNPC Monthly Financial and Operations Reports (MFOR).

According to the report, from the total revenue recorded in 13 months, Premium Motor Spirit (PMS) accounted for about 99.07 per cent of the total sales with a value of over ₦1. 9 trillion.

In the months under review, it states that 16,462.50 billion litres of white products were sold while PMS accounted for 16,344.36 billion litres or 99.28 per cent.

Also, it indicates an increase in October 2020 sales volume, with about 1.224.20billion litres of white products sold and distributed by PPMC compared with 603.39 million litres in September 2020.

This comprised 1.224.20 billion litres of PMS, 0.31 million litres of Automotive Gas Oil (AGO) also known as diesel and 0.033 million litres of Dual Purpose Kerosene (DPK).

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The monthly report further states that a total of 3,018 BCF of gas was produced between October 2019 and 2020, representing an average daily production of 7,658.88 mmscfd.

For October 2020 alone, it said a total of 214.07 Billion Cubic Feet (bcf) of natural gas was produced translating to an average daily production of 6,908.34 Million Standard Cubic Feet per Day (mmscfd).

It added that the daily average natural gas supply to power plants increased by 8.60% to 745mmscfd, equivalent to power generation of 2,801Megawatts.

“In terms of natural gas off-take, commercialization and utilization, out of the 208.96 BCF of gas supplied in October 2020, a total of 118.40 BCF of gas was commercialized, consisting of 38.07 BCF and 88.90 BCF for the domestic and export market respectively.

“This translates to a total supply of 1,269.03mmscfd of gas to the domestic market and 2,870.57mmscfd of gas supplied to the export market for the month,” it read.