FG Realises N211bn From Sales of Petroleum Products in February

• FG Realises N211bn From Sales of Petroleum Products in February

The Nigerian National Petroleum Corporation on Tuesday announced that its downstream subsidiary company in charge of bulk sales and distribution of petroleum products, Petroleum Products Marketing Company, recorded ₦211.62bn sale of white products in February 2020.

NNPC’s Group General Manager, Group Public Affairs Division, Kennie Obateru, explained that the figure contained in the corporation’s February 2020 Monthly Financial and Operations Report was significantly higher compared to the previous month’s record which stood at ₦151.79bn.

The report showed an increased trading surplus of ₦3.95bn garnered by the corporation in February 2020, when compared to the ₦1.87bn surplus that was 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 as a result of its low expenses.

Other reasons cited for the increased trading surplus were the reduced deficits post by the downstream units, refineries, as well as the NNPC corporate headquarters.

The February 2020 report also indicated that total revenues recorded from the sales of white products for the period February 2019 to February 2020 stood at about ₦2.6tn, with petrol contributing about 98.06 per cent of the total sales value of about ₦2.5tn.

The report stated that about 1.7 billion litres of white products were sold and distributed by PPMC in the month of February 2020 compared with about 1.2 billion litres sold in January 2020.

This comprised about 1.7 billion litres of PMS (petrol) and 1.09 million litres of AGO (diesel). Also, there was a sale of 0.01 million litres of special product, Low Pour Fuel Oil in the month.

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

During the period under review, a total of 32 pipeline-points malfunctioned or were vandalised, representing about 47 per cent decrease from the 60 points recorded in January 2020.

These comprised 22 pipeline breaches, eight-weld failures and two pipeline ruptures. 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.

In respect of natural gas off-take, commercialisation and utilisation, out of the 241.74 billion cubic feet of gas supplied in February 2020, 146.54BCF was commercialised, consisting of 35.83BCF and 110.71BCF for the domestic and export market respectively.

This translates to a total supply of 1,235.56 million standard cubic feet per day of gas to the domestic market and 3,817.4mmscfd of gas supplied to the export market for the month.

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