Economy

NNPC records N174.63b petroleum products sales in March

The Nigerian National Petroleum Corporation (NNPC) recorded N174.62billion sale of white products in March 2019, the corporation’s Monthly Financial and Operations Report (MFOR) for March 2019 has stated.

A release on Sunday in Abuja by NNPC Group General Manager, Group Public Affairs Division, Mr. Ndu Ughamadu, disclosed that the March sales figure is higher than the N168.65billion recorded in February 2019.

The statement explained that the total revenue generated from the sale of white products from the period March 2018 to March 2019 stood at N2,780.79billion, with Premium Motor Spirit, otherwise called petrol contributing about 91.09 per cent or N2,533billion.

According to the report, in terms of volume of the total sales by the NNPC Subsidiary, the Petroleum Products Marketing Company (PPMC), in March 2019, the report said a total supply and distribution of 1.36billion litres of white products were made, compared with 1.33billion litres of February 2019.

The statement noted that a “further products breakdown indicated that the March volume comprised 1.29billion litres of petrol, 0.023billion litres of Dual Purpose Kerosene (DPK), and 0.047billion litres for the diesel component.

“Total sale of white products distributed for the period, March 2018 to March 2019, stood at 21.99billion litres, with petrol accounting for 20.63 billion litres or 93.8 per cent. The report stated that 6.4billion litres of special products were sold during the period.

“Within the period, 111 pipeline points were vandalized, indicating a 19 per cent drop from the 137 points recorded in February 2019. Ibadan –Ilorin and Benin –Ore axis accounted for 46 per cent of total pulverised points, while breaks in other locations made up the balance.

“In the Gas sector, the MFOR disclosed that gas production increased by 15.4per cent at 263.48billion cubic feet compared to the output in the proceeding period of February 2019. This translated to an average daily production of 8,499.58million standard cubic feet of gas per day (mmscfd).

“Out of the volume of gas supplied in March 2019, 155.01bcf of gas was commercialized, consisting of 40.35bcf, and 111.66bcf for the domestic and export markets, respectively.

“The report indicated that 58.81 per cent of the average daily gas produced was commercialized, while the balance of 41.19 was re-injected, used as upstream fuel gas or flared.

“The March 2019 NNPC Monthly Financial and Operations Report was the 44th in the series.”

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