NNPC grosses ₦234.63bn revenue from petroleum product sales March 2021

*The Nigerian National Petroleum Corporation says the March 2021 financial and operations report is published to keep consumers up to date with its operations in line with the Management’s guiding philosophy of transparency, accountability and performance excellence

Isola Moses | ConsumerConnect

The Nigerian National Petroleum Corporation (NNPC) has announced that the Petroleum Products Marketing Company (PPMC), its downstream subsidiary, recorded ₦234.63 billion revenue from sales of white products March 2021.

The state oil firm stated this amount represents a 24.7 percent increase from the ₦188.15billion sales recorded February this year.

Dr. Kennie Obateru, Group General Manager, Group Public Affairs Division of the Corporation, in a statement Sunday, August 1, 2021, disclosed this is contained in the March 2021 edition of the NNPC Monthly Financial and Operations Report (MFOR).

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The statement noted the report indicated that total revenues generated from the sales of white products from March 2020 to March 2021 stood at ₦2.129trillion, in when petrol contributed about 99.24 percent of the total sales valued at ₦2.113trllion.

In terms of volume, the above value translates into 1.782billion liters of white products sold and distributed by PPMC in the month of March 2021 compared to 1.4billion litres February 2021, Dr. Obateru said.

According to NNPC, this volume is made up of 1.75billion litres of Premium Motor Spirit (PMS) and 0.45million litres of Automotive Gas Oil (AGO).

Similarly, the total sale of white products between March 2020 and March 2021 stood at 17.374billion litres and PMS accounted for 17.265billion litres or 99.37 percent.

The Group General Manager, Group Public Affairs Division of the Corporation noted the “NNPC continues to diligently monitor the daily stock of PMS to achieve uninterrupted supply, effective distribution and zero fuel queue across Nigeria.”

In the Gas Sector, a total of 222.74billion cubic feet (bcf) of natural gas was produced March 2021, translating into an average daily production of 7,183.33million standard cubic feet per day (mmscfd).

Likewise, the Corporation said from 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.

Production from Joint Ventures (JVs), Production Sharing Contracts (PSCs) and NPDC contributed about 63.23%, 19.78% and 63.99% respectively to the total national gas production, the statement said.

It further explained: “In terms of natural gas off-take, commercialisation and utilisation, out of the 210.55bcf supplied March 2021, a total of 138.38bcf was commercialised, consisting of 45.42bcf and 92.96bcf for the domestic and export market respectively.

“This translates into 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% of the average daily gas produced was commercialised while the balance of 36.82% was re-injected, used as upstream fuel gas or flared.”

The NNPC also said that Gas flare rate was 9.50% for the month under review (i.e. 671.13mmscfd), compared to average gas flare rate of 7.25% (i.e. 532.37mmscfd) for March 2020 to March 2021.

In regard to domestic gas supply to the power sector of the Nigerian economy, the statement said that a total of 844mmscfd was delivered to gas-fired power plants March 2021 to generate about 3,530mega watts (mw), compared with February 2021 when 825mmscfd was supplied to generate 3,580mw.

The March MFOR also noted that the Corporation recorded 70 vandalised points across its pipeline network in the period under review, representing 29.63% increase from the 54 points recorded in the previous month.

While the Port Harcourt area accounted for 63% of the vandalised points, the Mosimi area accounted for 21% and the Gombe area accounted for the remaining 16%, the statement said.

It stated the NNPC, however, is 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.

“The March 2021 MFOR is the 68th edition of the report, it is published monthly to keep the Nigerian public up to date with the operations of the Corporation in line with the management’s guiding philosophy of Transparency, Accountability and Performance Excellence (TAPE),” the statement added.

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