Nigerian Govt gets N2.336tr from sale of imported fuel

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Nigerian Govt gets N2.336tr from sale of imported fuel – The Nigerian National Petroleum Corporation (NNPC) on Monday said its subsidiary, Products Marketing Company (PPMC), realised N2.336 trillion from sale of imported Premium Motor Spirit (PMS)  in one year.

This is contained in the 70th NNPC’s Monthly Financial and Operations Report (MFOR), which highlighted the corporation’s activities between May 2020 and May 2021.

NNPC’s Group General Manager, Group Public Affairs Division, Garba Deen Muhammad made this known in a statement on Monday.

He said: “Total revenue generated from the sales of petroleum products for the period of May 2020 to May 2021 stood at N2.345trillion where Premium Motor Spirit (PMS) contributed about 99.61 per cent of the total sales with a value of N2.336trillion.”

The statement added that in terms of volume, the figure translates to a total of 2.241billion litres of white products sold and distributed by PPMC in May 2021 compared with 1.673billion litres in April 2021.

The statement noted that the information is contained in the May 2021 edition of the NNPC’s MFOR. It noted that the recorded a total crude oil and gas export sales of $219.75million in May 2021, representing 180.29 per cent increase on sales from the previous month.

According to the report, crude oil export sales contributed $181.19million (82.45per cent) of the dollar transactions compared with $4.22 million contribution in the previous month, while the export gas sales component stood at $38.56million in May, this year.

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.

From May 2020 to May 2021, a total of 2,898.34bcf of gas was produced, representing an average daily production of 7,322.94mmscf during 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.

Of the 216.29bcf of gas produced in May 2021, a total of 133.56bcf was commercialised, consisting of 44.02bcf and 89.54bcf for the domestic and export markets.

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.

This implies that 61.75 per cent of the average daily gas produced was commercialized while the balance of 38.25 per cent was either re-injected, used as upstream fuel or flared.

“In the Downstream sector, the statement said “the report indicates that the Petroleum Products Marketing Company (PPMC), a downstream subsidiary of the NNPC, posted a total ¦ 295.72billion from the sales of petroleum products in May 2021 compared with ¦ 220.13billion sales in 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.

“In May 2021, 64 pipeline points were vandalised representing 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 five per cent of the vandalised points.

“NNPC, in collaboration with the local communities and other stakeholders, continuously strive to reduce and eventually eliminate this menace,” the statement added.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Financial Watch. Every investment and trading move involves risk. You should conduct your own research when making a decision.

About Sam Gabriel 1696 Articles
Samson Gabriel a graduate of mass communication from Auchi Polytechnic, he is a passionate writer with experience in radio scrip writing. He brings his experience from the broadcast media into play here as he continues to enjoy his passion as a journalist. He can be contacted via whats-app on: +234701105670

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