NNPC generates N2.3tn from petroleum sales in one year
The Nigerian National Petroleum Corporation (NNPC) has said it generated N2.393.88 trillion from the sale of petroleum products from May 2019 to May 2020.
NNPC disclosed this in its May 2020 Monthly Financial and Operations Report (MFOR), which was released on Wednesday.
According to the report, 98.84 per cent of the sales, or N2.366.15tn, came from the sale of Premium Motor Spirit (PMS) or petrol.
NNPC, in the report, further disclosed a 43 per cent drop in vandalisation of oil pipeline infrastructure in May, 2020.
However, it added that 37 pipeline points were vandalized in May 2020, representing about 43 per cent decrease from the 65 points damaged in April 2020.
The report added that 950.67 million litres of PMS were sold and distributed by the Petroleum Products Marketing Company (PPMC) in May, 2020.
The report noted that there was no sale of special products in the month.
Total sale of white products for the period May 2019 to May 2020 stood at 19,865.80m litres and PMS accounted for 19,704.49m litres or 99.19 per cent.
The report revealed that ₦92.58 billion was realised from the sale of white products by PPMC in May 2020.
Total revenue generated from the sale of white products for the period of May 2019 to May 2020 stood at ₦2,393.88bn, with PMS contributing about 98.84 per cent of the total sales with a value of ₦2,366.15bn.
In the gas sector, natural gas production in May 2020 increased by 2.38 per cent at 226.51bn Cubic Feet (BCF) compared to output in April 2020, which translated to an average daily production of 7,480.36m Standard Cubic Feet of gas per day (mmscfd).
Also, the daily average natural gas supply to gas power plants increased by 5.87 per cent to 834mmscfd, equivalent to power generation of 3,128MW.