FG makes N2.56tn profit from petrol, kerosene, diesel sales in 13 months

  FG makes N2.56tn profit from petrol, kerosene, diesel sales in 13 months

The Nigerian National Petroleum Company Limited on Wednesday announced that it earned N2.56tn revenue from the sale of white products (petrol, kerosene, diesel) in about 13 months.

It also announced that N203.73bn was made on the sale of white products in the month of July 2021 through its downstream subsidiary, the Petroleum Products Marketing Company.

It said in a statement issued in Abuja that the figures were contained in the July 2021 NNPC Monthly Financial and Operations Report.

“The report revealed that total revenues generated from the sales of white products for the period July 2020 to July 2021 stood at over N2.563tn where PMS (Premium Motor Spirit, popularly called petrol) contributed about 99.67 per cent of the total sales,” the report read in part.

It further stated that a total of 1.544 billion litres of petroleum products were sold and distributed by the PPMC in the month of July 2021 with PMS accounting for 99 per cent of the total volume.

The report stated that the total sale of petroleum products for the period July 2020 to July 2021 stood at 19.535 billion litres and PMS accounted for 99.73 per cent of total volume.

It also indicated a 5.23 percentage increase in the average daily gas supply to power plants in the month of July 2021, which stood at 759 million standard cubic feet of gas per day.

This, according to NNPC, was equivalent to power generation of 3,250 megawatts, against the June 2021 figure of 721mmscfd to generate 3,181MW.

The oil firm said the national gas production in July 2021 increased by 3.99 per cent at 232.69 billion cubic feet, compared to output in the previous month, translating to an average daily production of 7,502.28mmscfd.

For the period July 2020 to July 2021, a total of 2,891.53BCF of gas was produced representing an average daily production of 7,305.43mmscfd.

“Period-to-date production from Joint Ventures, Production Sharing Contracts and Nigerian Petroleum Development Company contributed about 58.67, 20.45 and 20.89 per cent respectively to the total national gas production,” NNPC stated.

It noted that in July 2021, 42 pipeline points were vandalised, representing 10.64 per cent decrease from the 47 points recorded in June 2021.

“This month, Port Harcourt area accounted for 40 per cent and Mosimi Area accounted for 60 per cent of the vandalised points,” the oil firm stated.

It added, “In the upstream, the NNPC recorded total export receipt of $191.26m in July 2021 as against $188m in June 2021.

“Receipts from crude oil amounted to $12.95m, while gas and miscellaneous receipts stood at $78.69m and $99.61m respectively.”

The oil company said the total crude oil and gas export receipt for the period July 2020 to July 2021 stood at $1.73bn.