Consumers pay N2.113trn for petrol in 13 months — NNPC

The Nigerian National Petroleum Corporation (NNPC) on Sunday disclosed that it sold N2.113 trillion worth of petrol between March 2020 and March 2021.

The Corporation in its NNPC Monthly Financial and Operations Report for the month of March 2021 said total revenues generated from the sales of white products for the period of March 2020 to March 2021 stood at N2.129trillion, with petrol sales contributing about 99.24 percent of the total sales.

The Corporation in a statement by its Spokesman, Dr. Kennie Obateru in Abuja stated that its downstream subsidiary, the Petroleum Products Marketing Company (PPMC), recorded N234. 63 billion revenue from the sale of white products in the month of March 2021 representing a 24.7 percent increase from the N188.15 billion sales recorded in the previous month of February 2021.

NNPC explained that in terms of volume, 1.75 billion litres of white products were sold and distributed by PPMC in the month of March 2021 compared to 1.4billion litres in the month of February 2021.

“This volume is made up of 1.782 billion litres of Premium Motor Spirit (PMS) and 0.45million litres of Automotive Gas Oil (AGO). Total sale of white products for the period of March 2020 to March 2021 stood at 17.374billion litres and PMS accounted for 17.265billion litres or 99.37 percent,” Dr. Obateru stated.

He explained that “NNPC continues to diligently monitor the daily stock of PMS to achieve uninterrupted supply, effective distribution and zero fuel queue across Nigeria.”

NNPC also stated that in the Gas Sector, a total of 222.74 billion cubic feet (bcf) of natural gas was produced in the month March 2021 translating to an average daily production of 7,183.33million standard cubic feet per day (mmscfd).

“For the period of March 2020 to March 2021, a total of 2,911.62bcf of gas was produced representing an average daily production of 7,409.60mmscfd during the period”.

The Corporation disclosed that production from Joint Ventures (JVs), Production Sharing Contracts (PSCs) and NPDC contributed about 63.23 percent, 19.78 percent and 63.99 percent respectively to the total national gas production.

“In terms of natural gas off-take, commercialization and utilization, out of the 210.55bcf supplied in March 2021, a total of 138.38bcf was commercialized, consisting of 45.42bcf and 92.96bcf for the domestic and export market respectively.

“This translates to a total supply of 1,465.42mmscfd of gas to the domestic market and 2,998.26mmscfd of gas supplied to the export market for the month. This implies that 63.18 percent of the average daily gas produced was commercialized while the balance of 36.82% was re-injected, used as upstream fuel gas or flared”, it added.

It said gas flare rate was 9.50 percent for the month under review (i.e. 671.13mmscfd) compared to average gas flare rate of 7.25 percent (i.e. 532.37mmscfd) for the period of March 2020 to March 2021.

“On domestic gas supply to the power sector, a total of 844mmscfd was delivered to gas-fired power plants in the month of March 2021 to generate about 3,530mega watts compared with February 2021 where 825mmscfd was supplied to generate 3,580mw,” it said.

The corporation said it recorded 70 vandalized points across its pipeline network in the period under review, representing 29.63 percent increase from the 54 points recorded in the previous month.

While the Port Harcourt area accounted for 63 percent of the vandalized points, the Mosimi area accounted for 21 percent and the Gombe area accounted for the remaining 16 percent.

Obateru stressed that NNPC was working in collaboration with the local communities and other stakeholders to effectively monitor the pipelines with a view to reducing and eventually eliminating the menace of pipeline vandalism.

(Vanguard)