NNPC records product sale of N234bn in March — 24.7% increase from February

The Nigerian National Petroleum Corporation (NNPC) says it recorded N234.63 billion revenue from the sale of white products in the month of March 2021 — 24.7 percent increase from the N188.15 billion sales recorded in the previous month of February 2021.

This is contained in the NNPC monthly financial and operations report (MFOR) for March 2021.

The report indicated that total revenues generated from the sales of white products for the period of March 2020 to March 2021 stood at N2.129 trillion, where petrol contributed about 99.24% of the total sales with a value of N2.113 trillion.

“Total sale of white (petroleum) products for the period of March 2020 to March 2021 stood at 17.37 4billion litres and PMS accounted for 17.265 billion litres or 99.37%,” the report reads.

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

Similarly, the Petroleum Products Marketing Company (PPMC), NNPC’s downstream subsidiary, raked in N234.63 billion revenue from the sale of white products in March 2021.

The report indicated that this is an increase of 24.7 percent from the N188.15 billion sales recorded in the previous month.

In the gas sector, the corporation said a total of 222.74 billion cubic feet (bcf) of natural gas was produced in March 2021 translating to an average daily production of 7,183.33 million 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.

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

The report further reads that domestic gas supply to the power sector declined to 844mmscfd to generate about 3,530 megawatts (mw) in March 2021 from the 825mmscfd delivered to gas-fired power plants to generate 3,580mw in February 2021.

NNPC generated N2.07 trillion from the sale of petrol between February 2020 and February 2021.