In one year, Nigerians spent around 2,5 trillion on petrol

NNPC earns ₦211.62 billion from products’ sales
Nigerian National Petroleum Corporation (NNPC)

Nigerians invested 2.5 trillion on 20.8 billion litres of Premium Motor Spirit (PMS) otherwise known as petrol between February 2019 and February 2020, the Nigerian National Petroleum Corporation (NNPC) said yesterday.

As the sole importer of the drug during the period provided in the Monthly Financial and Operations Report (MFOR) of the organization, the state oil company reported that white drug revenues for the period amounted to approximately 2.6 trillion, with petrol contributing approximately 98.06%.

The downstream subsidiary of the NNPC, Petroleum Products Marketing Company (PPMC), in charge of bulk sales and distribution of petroleum products, alone reported $211.62 billion in white product sales in February 2020.

Compared to the previous month's record, which stood at some $1151.79 billion, the amb211.62 billion was higher. PPMC produced and distributed no less than 1.7 billion litres of white goods in February 2020 compared to around 1.2 billion liters produced in January 2020, the financial sheet noted.

The breakdown showed that 1.7 billion litres of PMS and 1.09 million litres of AGO and 0.01 million litres of special product, Low Pour Fuel Oil (LPFO) were sold.

According to the report, for the period February 2019 to February 2020, the overall selling and distribution of white goods was approximately 21 billion litres, and PMS amounted to 20.8 billion litres or 98.73 per cent.

In February, 32 pipeline points were punctured by vandals, reflecting a decrease of about 47% from the 60 points reported in January 2020. The Mosimi region accounted for 78 per cent of the total incidents, the Port Harcourt axis for 16 percent and the remaining six percent for all other roads.

“In respect of natural gas off-take, commercialisation and utilisation, NNPC said out of the 241.74 Billion Cubic Feet (BCF) of gas supplied in February 2020, 146.54BCF was commercialised, consisting of 35.83BCF and 110.71BCF for the domestic and export market respectively, translating to a total supply of 1,235.56 million Standard Cubic Feet per day  (mmscfd) of gas to the domestic market and 3,817.40mmscfd of gas supplied to the export market for the month. 

The report said that 699mmscfd was delivered to gas-fired power plants to generate an average power of around 3,064MW, compared to January 2020 when an average of 640mmscfd was delivered to generate 2,683MW.

The financial document also indicated an increase in the trading surplus of €3.95 billion compared to the surplus of €1.87 billion reported in January 2020.

The 111 per cent rise in the month, the report said, was largely due to the Nigerian Gas Company (NGC)'s improved output as a result of its low expenditure put at over 100 per cent.

The reduced deficit post by the Downstream units, refineries, as well as the NNPC Corporate Headquarters are other reasons cited for the increased trade surplus.