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Nigerians spend ₦2.5 trillion on petrol in one year

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*NNPC earns ₦211.62 billion from products’ sales

Between February 2019 to February 2020, Nigerians spent ₦2.5 trillion on 20.8 billion litres of Premium Motor Spirit (PMS) otherwise called petrol, Nigerian National Petroleum Corporation (NNPC) said yesterday.

Being the sole importer of the product during the period, which was received in the corporation’s Monthly Financial and Operations Report (MFOR), the state oil firm disclosed that sales of white products for the period stood at about ₦2.6 trillion, with petrol contributing about 98.06 per cent.

The NNPC’s downstream subsidiary in charge of bulk sales and distribution of petroleum products, Petroleum Products Marketing Company (PPMC), alone recorded ₦211.62 billion sale of white products in February 2020.

The ₦211.62 billion was higher compared to the previous month’s record, which stood at ₦151.79 billion. Nothing less than 1.7 billion litres of white products were sold and distributed by PPMC in February 2020 compared with about 1.2 billion litres sold in January 2020, the financial sheet noted.

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The breakdown showed that 1.7 billion litres of PMS and 1.09 million litres of AGO was sold as well as 0.01 million litres of special product, Low Pour Fuel Oil (LPFO).

According to the report, total sale and distribution of white products for the period February 2019 to February 2020 stood at about 21billion litres, and PMS accounted for 20.8 billion litres or 98.73 per cent.

In February, vandals punctured 32 pipeline-points, representing about 47 per cent decrease from the 60 points recorded in January 2020. Mosimi area accounted for 78 per cent of total cases, the Port Harcourt axis 16 per cent and all other routes accounted for the remaining six per cent.

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“In respect of natural gas off-take, commercialisation and utilisation, NNPC said out of the 241.74 Billion Cubic Feet (BCF) of gas supplied in February 2020, 146.54BCF was commercialised, consisting of 35.83BCF and 110.71BCF for the domestic and export market respectively, translating to a total supply of 1,235.56 million Standard Cubic Feet per day  (mmscfd) of gas to the domestic market and 3,817.40mmscfd of gas supplied to the export market for the month. 

The report said 699mmscfd was delivered to gas-fired power plants to generate an average power of about 3,064MW, compared with January 2020 when an average of 640mmscfd was supplied to generate 2,683MW.

The financial document also indicated that there was an increased trading surplus of ₦3.95 billion compared to the ₦1.87 billion surplus posted in January 2020.
 
The 111 per cent growth in the month, the report stated, was largely attributable to improved performance of the Nigerian Gas Company (NGC), as a result of its low expenses put at over 100 per cent. Other reasons cited for the increased trading surplus are the reduced deficits post by the Downstream units, refineries, as well as the NNPC corporate Headquartres.

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