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Nigerians consume 19.535 billion litres, N2.563tr petrol in one year

By Kingsley Jeremiah, Abuja
23 December 2021   |   2:47 am
The volume of premium motor spirit otherwise called petrol consumed by Nigerians in about one year stood at 19.535 billion litres and averaged 1.6 billion litres monthly.

petrol pump PHOTO: Getty Images

The volume of premium motor spirit otherwise called petrol consumed by Nigerians in about one year stood at 19.535 billion litres and averaged 1.6 billion litres monthly.

Statistics released by the Nigerians National Petroleum Corporation (NNPC) revealed that the state oil firm made N2.563 trillion from the sale between July 2020 and this year.

While the company in July this year alone sold 1.544billion litres of PMS, it raked in ₦203.73billion through its Petroleum Products Marketing Company (PPMC), a downstream subsidiary of the company.

The Monthly Financial and Operations Report (MFOR) of the company revealed that the country recorded a 5.23 per cent increase in the average daily gas supply to power plants in the month of July 2021 standing at 759million standard cubic feet of gas per day (MMSCFD).

While gas-to-power remained a critical challenge for gas-fired plants in the country, the equivalent of the gas supplied to the plant stands at 3,250MW against the June 2021 figure of 721mmscfd to generate 3,181MW.

Similarly, national gas production in July 2021 increased by 3.99 per cent at 232.69 billion cubic feet (BCF) compared to the output in the previous month, translating to an average daily production of 7,502.28mmscfd.

For the period July 2020 to July 2021, a total of 2,891.53BCF of gas was produced representing an average daily production of 7,305.43mmscfd, NNPC stated.

Period-to-date production from Joint Ventures (JVs), Production Sharing Contracts (PSCs) and NPDC contributed about 58.67 per cent, 20.45 per cent and 20.89 per cent respectively to the total national gas production.

Forty – two pipeline points were vandalised representing 10.64 per cent decrease from the 47 points recorded in June 2021. In the report, Port Harcourt area accounted for 40 per cent and Mosimi Area accounted for 60 per cent of the vandalized points.

NNPC recorded a total export receipt of $191.26million in July 2021 as against $188.00million in June 2021, as the report showed that receipts from crude oil amounted to $12.95million while gas and miscellaneous receipts stood at $78.69million and $99.61million respectively.

Total crude oil and gas export receipt for the period July 2020 to July 2021 stood at $1.73billion

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