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Market Digest Nigeria

Economy

NNPC generates N1.9tr from petroleum sales

The Nigerian National Petroleum Corporation (NNPC), yesterday, said about N1.9 trillion was generated from sales of Premium Motor Spirit (popularly known as petrol) in a space of one year.

nnpc

Its monthly Financial and Operations Reports (MFOR) showed that while white products fetched in N1.95 trillion for the period covering October 2019 to October 2020, petrol alone accounted for about 99.07per of the total sales.The Petroleum Products Marketing Company (PPMC), responsible for the downstream operations of the national oil company, recorded N158.04 billion from white products in the month of October 2020, representing a 92 per cent increase over the N80.15 billion earned the previous month.

Surprisingly, Nigerians consumed 1.224.54 billion litres of white products in October 2020 as against the 603.39 million litres tally of September.

NNPC said total sales of white products for the period under review was 16.462.50 billion litres, with PMS accounting for 16.344.36 billion litres or 99.2per cent

During the period, 23 pipeline points were vandalised, representing about 10 per cent increase from the 21 points recorded in September 2020. Of the figure, Mosimi area accounted for 83 per cent of the compromised points, while Port Harcourt area posted the remaining 17per cent.

The report noted that 214.07 billion cubic feet (bcf) of natural gas were produced in October 2020, translating to an average daily production of 6,908.34 million standard cubic feet per day (mmscfd).

The daily average natural gas supply to power plants increased by 8.60per cent to 745mmscfd, equivalent to power generation of 2,801megawatts. During the time, a total of 3,018 BCF of gas was produced, signifying an average daily production of 7,658.88mmscfd.

 

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