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NNPC earns N174bn from PMS, diesel, kerosene sales in March

The Nigerian National Petroleum Corporation, NNPC, yesterday, said it earned N174.62 billion from the sale of white petroleum products in March 2019.

White petroleum products comprise Premium Motor Spirit, PMS, Dual Purpose Kerosene, DPK and Automotive Gasoline Oil, AGO.

In a statement on the release of its Monthly Financial and Operations Report, MFOR, for March 2019, the NNPC noted that the sales of petroleum products for March were higher than the N168.65 billion recorded in February 2019.

“Total revenue generated from the sale of white products from the period March 2018 to March 2019 stood at N2.781 trillion, with Premium Motor Spirit, otherwise called petrol contributing about 91.09 per cent or N2.533 trillion,” it said.

In terms of volume, the NNPC explained that its subsidiary, the Petroleum Products Marketing Company, PPMC, recorded a total supply and distribution of 1.36 billion litres of white products in March, compared with 1.33 billion litres recorded in February 2019

It said, “A further products breakdown indicated that the March volume comprised 1.29 billion litres of petrol, 0.023 billion litres of Dual Purpose Kerosene (DPK), and 0.047 billion litres for the diesel component.”

“Total sale of white products distributed for the period, March 2018 to March 2019, stood at 21.99 billion litres, with petrol accounting for 20.63 billion litres or 93.8 per cent. The report stated that 6.4 billion litres of special products were sold during the period.”

The NNPC further informed that within the period, 111 pipeline points were vandalized, indicating a 19 per cent drop from the 137 points recorded in February 2019.

It noted that Ibadan –Ilorin and Benin –Ore axis accounted for 46 per cent of total pulverised points, while breaks in other locations made up the balance.

In the gas sector, the NNPC disclosed that gas production increased by 15.4 per cent at 263.48 billion cubic feet compared to the output in the proceeding period of February 2019.

It said, “This translated to an average daily production of 8.499 billion standard cubic feet of gas per day (mmscfd).

“Out of the volume of gas supplied in March 2019, 155.01bcf of gas was commercialized, consisting of 40.35bcf, and 111.66bcf for the domestic and export markets, respectively.