FG Raises N2.336tr On Petrol Importation In 12 Months

The Nigerian National Petroleum Corporation (NNPC) has said its subsidiary Products Marketing Company (PPMC) raised N2.336 trillion from imported Premium Motor Spirit (PMS) in 12 months.

The revenue represented 99.61% that the company earned N2.345 trillion from sales of petroleum products.

This is contained in the 70th edition of the NNPC MFOR highlights the Corporation’s activities for the period of May 2020 to May 2021.

NNPC’s Group General Manager, Group Public Affairs Division,

Garba Deen Muhammad made this known in a statement.

He said: “Total revenues generated from the sales of petroleum products for the period of May 2020 to May 2021 stood at ₦2.345trillion where Premium Motor Spirit (PMS) contributed about 99.61% of the total sales with a value of ₦2.336trillion.”

The statement added that in terms of volume, the figure translates to a total of 2.241billion litres of white products sold and distributed by PPMC in the month of May 2021 compared with 1.673billion litres in the month of April 2021.

The statement noted that the information is contained in the May 2021 edition of the NNPC Monthly Financial and Operations Report (MFOR) it recorded a total crude oil and gas export sales of $219.75m in May 2021, representing 180.29% increase on sales from the previous month of April 2021.

According to the report, crude oil export sales contributed $181.19m (82.45%) of the dollar transactions compared with $4.22 million contribution in the previous month, while the export gas sales component stood at $38.56million in May 2021.

The report also showed that between May 2020 and May 2021, the Corporation exported crude oil and gas worth $1.64billion.

In the gas sector, the report showed that natural gas production in the month under review increased by 6.19% at 222.23billion cubic feet (bcf) compared with output in the previous month, translating to an average production of 7,177.53million standard cubic feet (mmscf) of gas per day.

For the period May 2020 to May 2021, a total of 2,898.34bcf of gas was produced representing an average daily production of 7,322.94mmscf during the period.

Period-to-date production from Joint Ventures (JVs), Production Sharing Contracts (PSCs) and Nigerian Petroleum Development Company (NPDC) contributed about 60.94%, 20.04% and 18.99% respectively.

Out of the 216.29bcf of gas produced in May 2021, a total of 133.56bcf was commercialized, consisting of 44.02bcf and 89.54bcf for the domestic and export markets respectively.

This translates to a total supply of 1,419.83mmscfd of gas to the domestic market and 2,893.66mmscfd to the export market for the month.

This implies that 61.75% of the average daily gas produced was commercialized while the balance of 38.25% was either re-injected, used as upstream fuel or flared.

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