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Home News Nigeria NNPC Records 92% Increase in Sales of Petroleum Products

NNPC Records 92% Increase in Sales of Petroleum Products

Petroleum Products Marketing Company (PPMC), downstream subsidiary of the Nigerian National Petroleum Corporation (NNPC) has recorded N158.04 billion from the sales of white products in October 2020. 

This is an increase of 92 percent, when compared to N80.15 billion recorded on the previous month of the same year.

A press release by the Group General Manager, Group Public Affairs Division of the Corporation, Dr. Kennie Obateru, stated that the figure was

The report contained in the October 2020 edition of the NNPC Monthly Financial and Operations Reports, indicates that total revenues generated from the sale of white products for the period October 2019 to October 2020 stood at N1.95 trillion, with Premium Motor Spirit accounting for about 99.07 per cent of the total sales with a value of over N1.9 trillion.

In terms of volume, the October 2020 sales figure translates to a total of 1.224.54 billion litres of white products sold and distributed by PPMC within the period compared with 603.39 million litres in the month of September 2020.

This comprised 1.224.20 billion litres of PMS, 0.31 million litres of Automotive Gas Oil, also known as diesel, and 0.033 million litres of Dual Purpose Kerosene.

Total sale of white products for the period October 2019 to October 2020 stood at 16.462.50 billion litres and PMS accounted for 16.344.36 billion litres or 99.28 per cent.

In the month under review, 23 pipeline points were vandalized, representing about 10 per cent increase from the 21 points recorded in September last year. Of this figure, Mosimi area accounted for 83 per cent of the vandalized points, while Port Harcourt area accounted for only 17 per cent.

According to energy experts in the oil region of Niger Delta, the low rate of pipelines vandalism in the area shows extremely low level of militancy in the region, since the armed agitators accepted a federal government amnesty programme in October 2009.

In the gas sector, the NNPC produced a total of 214.07 billion cubic feet (bcf) of natural gas in October last year, translating to an average daily production of 6,908.34 million standard cubic feet per day (mmscfd).

The daily average of natural gas supplies to power plants, increased by 8.60 percent to 745mmscfd, the equivalent to power generation of 2,801 megawatts.

According to the national oil company, for the period of October 2019 to October 2020, the company produced a total of 3,018bcf of gas, representing an average daily production of 7,658.88 mmscfd during the period under review.

The October 2020 MFOR also indicates that period-to-date gas production from the Joint Ventures (JVs) facilities, Production Sharing Contracts (PSCs) and NPDC contributed about 68.18 per cent, 20.12 per cent and 11.70 per cent, respectively to the total national gas production.

Meanwhile, in terms of natural gas off-take, commercialization and utilization, a total of 118.40bcf of gas was commercialized, out of the 208.96bcf supplied in October 2020. This consisted of 38.07bcf and 88.90bcf for the domestic and export market respectively.

It also translated to a total supply of 1,269.03mmscfd of gas supplied to the domestic market and 2,870.57mmscfd of gas supplied to the export market for the month under review.

The NNPC said its 63rd edition of the MFOR highlights its activities for the period of October 2019 to October 2020, in line with its commitment of becoming more accountable, transparent and driven by performance excellence.

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