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Petrol consumption hits N2.33tr as NNPC earns $219.75m

By Kingsley Jeremiah, Abuja
21 September 2021   |   3:03 am
Between May 2020 and the same period this year, Nigerians consumed about ₦2.336trillion worth of premium motor spirit (PMS) also called petrol, the Nigerian National Petroleum Corporation

NNPC GMD, Mele Kyari.

Between May 2020 and the same period this year, Nigerians consumed about ₦2.336trillion worth of premium motor spirit (PMS) also called petrol, the Nigerian National Petroleum Corporation (NNPC), has said.

The NNPC, in its 70th Monthly Financial and Operations Report (MFOR) noted that the national oil company recorded a total crude oil and gas export sales of $219.75 million in May 2021, representing a 180.29 per cent increase in sales from the previous month of April 2021.

The report released yesterday showed that Petroleum Products Marketing Company (PPMC), a downstream subsidiary of the NNPC, posted a total of ₦295.72 billion from the sales of petroleum products in the month of May 2021 compared with ₦220.13billion sales in April 2021.

Revenue generated from the sales of petroleum products for the period of May 2020 to May 2021 stood at ₦2.345trillion where PMS contributed about 99.61 per cent of the total sales with a value of ₦2.336trillion.

The report noted 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.

Total sales of petroleum products for the period May 2020 to May 2021 stood at 18.651billion litres and PMS accounted for 99.69 per cent of total volume.

NNPC disclosed that the crude oil export sales contributed $181.19m (82.45 per cent) of the dollar transactions compared with the $4.22 million contributions 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 per cent 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 of May 2020 to May 2021, a total of 2,898.34bcf of gas was produced representing an average daily production of 7,322.94mmscf the period.

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

The corporation noted that 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.

The report further said that 64 pipeline points were vandalized in the month representing a 39.13 per cent increase from the 46 points recorded in April 2021. The Port Harcourt area accounted for 65 per cent and Mosimi and Kaduna Areas accounted for 30 per cent and 5 per cent respectively of the vandalized points.