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Home BUSINESS Nigeria Earns $378.42m from Oil & Gas Export

Nigeria Earns $378.42m from Oil & Gas Export

The Nigerian National Petroleum Corporation (NNPC) has announced a total crude oil and gas export earnings of $378.42 million in June, as against $133.16 million it posted in May 2020.

The corporation disclosed this in its June Monthly Financial and Operations Report (MFOR) released on Sunday in Abuja.

It said that the amount signaled a marked improvement in revenue earnings, following the ease of the COVID-19 pandemic global lockdown and the subsequent increased demand and firmer prices for the black gold in the international market.

The report indicated that petroleum receipts for the month reflected crude oil earnings of $230.65million, with gas and miscellaneous proceeds standing at $75.97million and $71.80million dollars, respectively.

It puts the total crude oil and gas export earnings for the period of June 2019 to June 2020 at $4.60 billion.

On petroleum products supply in the downstream sector, the report said that 1.34 billion litres of white products were distributed and sold across the country by NNPC’s Downstream subsidiary, the Petroleum Products Marketing Company (PPMC).

It noted that the figure was significantly higher than the 950.67million litres of white products sold and distributed in May 2020.

“Again, an apparent reflection of the gradual ease of the lockdown in the country and the picking up of business activities,” it said.

A breakdown of the June 2020 figures indicated that over 1.3billion litres of Premium Motor Spirit (PMS) also know as petrol, 5.10million litres of Automotive Gas Oil (AGO) and 1.65million litres of Dual Purpose Kerosene (DPK), were sold and distributed during the period.

“White products sale for the period from June 2019 to June 2020, stood at over 19.104billion litres, with PMS accounting for over 18.9billion litres or 99.36 per cent.

“In monetary value terms, the above volumes translated to a total sale of ₦134.22billion of white products by PPMC in June, compared to ₦92.58billion sales in May.

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