Home Business Nigeria’s Petroleum Products March Trade is N174.62bn – NNPC
Business - Profiles - June 10, 2019

Nigeria’s Petroleum Products March Trade is N174.62bn – NNPC

The Nigerian National Petroleum Corporation (NNPC) on Sunday announced that it recorded N174.62 billion in trade proceeds of white petroleum products in March.

The corporation made this known in its March Monthly Financial and Operations Report (MFOR) released in Abuja.

The oil regulatory body explained that March sales figure was higher than the N168.65 billion recorded in February and noted that the total revenue generated from the sale of white products from the period March 2018 to March 2019 stood at N2,780.79 billion.

According to the report, Premium Motor Spirit, otherwise called petrol, contributes about 91.09 per cent or N2. 533billion.

It added that a total supply and distribution of 1.36 billion litres of Petroleum products were made by NNPC Subsidiary, the Petroleum Products Marketing Company (PPMC) in March, compared with 1.33 billion litres in February.

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A further 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,” it added

The report further noted that 6.4 billion litres of special products were sold during the period under review.

On pipelines vandalism, the report revealed that in March, 111 pipeline points were vandalised, indicating a 19 per cent drop from the 137 points recorded in February 2019.

“Ibadan -Ilorin and Benin -Ore axis accounted for 46 per cent of total pulverised points, while breaks in other locations made up the balance,” it said.

In the Gas sector, the MFOR revealed that gas production increased by 15.4 per cent at 263.48 billion cubic feet compared to the output in preceding period of February.

This, it said, translated to an average daily production of 8,499.58 million standard cubic feet of gas per day (mmscfd).

“Out of the volume of gas supplied in the month under review, 155.01 bcf of gas was commercialised, consisting of 40.35 bcf, and 111.66 bcf for the domestic and export markets,” it added.

The report also indicated that 58.81 per cent of the average daily gas produced was commercialised, while the balance of 41.19 was re-injected, used as upstream fuel gas or flared.

The March 2019 MFOR is the 44th in the series.

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