The Nigerian National Petroleum Corporation (NNPC) announced on Sunday, August 1 that its downstream subsidiary, the Petroleum Products Marketing Company (PPMC), recorded N234.63 billion revenue from the sale of white products in March. According to the corporation, this marked a 24.7 per cent increase from the revenue it generated in the previous month, February.
A press release signed by the Group General Manager of NNPC’s Group Public Affairs Division, Kennie Obateru, said the report indicated that total revenues generated from the sale of white products for the period of March 2020 to March 2021 stood at N2.129 trillion, where petrol contributed about 99.24 per cent of the total sales with a value of N2.113trllion. In terms of volume, the above value translates to 1.782 billion litres of white products sold and distributed by PPMC in the month of March 2021 compared to 1.4billion litres in the month of February 2021. This volume is made up of 1.75 billion litres of Premium Motor Spirit (PMS) and 0.45 million litres of Automotive Gas Oil (AGO). Total sale of white products for the period of March 2020 to March 2021 stood at 17.374 billion litres and PMS accounted for 17.265billion litres or 99.37 per cent.
According to the statement, the NNPC continues to diligently monitor the daily stock of PMS to achieve uninterrupted supply, effective distribution and zero fuel queue across Nigeria. In the Gas Sector, a total of 222.74 billion cubic feet (bcf) of natural gas was produced in the month of March 2021 translating to an average daily production of 7,183.33 million standard cubic feet per day (mmscfd). For the period of March 2020 to March 2021, a total of 2,911.62bcf of gas was produced representing an average daily production of 7,409.60mmscfd during the period. Production from Joint Ventures (JVs), Production Sharing Contracts (PSCs) and NPDC contributed about 63.23 per cent, 19.78 per cent and 63.99 per cent respectively to the total national gas production. In terms of natural gas off-take, commercialization and utilization, out of the 210.55bcf supplied in March 2021, a total of 138.38bcf was commercialized, consisting of 45.42bcf and 92.96bcf for the domestic and export market respectively.