Petrol sales revenue hits N2.61tn in 13 months -NNPC

The income generated from the sales of Premium Motor Spirit, popularly called petrol, from August 2020 to August 2021 is N2.61tn, the Nigerian National Petroleum Company Limited announced on Wednesday.

It stated that in the downstream oil sector, a total of 1.532 billion litres of white products were sold and distributed by the Petroleum Products Marketing Company, a subsidiary of NNPC, in the month of August 2021.

It stated that a breakdown of the figure indicated that petrol accounted for 99 per cent of total sales, while Automotive Gas Oil, also known as diesel, accounted for the rest.

“Total sale of white products for the period of August 2020 to August 2021 stood at 20.032 billion with petrol accounting for 99.81 per cent,” NNPC stated in a statement it issued in Abuja.

It added, “In terms of value, a total sum of ₦203.43bn was made on the sale of white products by PPMC in the month of August 2021.

“Total revenues generated from the sales of white products for the period of August 2020 to August 2021 stood at ₦2.619tn with petrol contributing about 99.76 per cent of the total sales with a value of ₦2.613tn.”

The oil firm said it posted a total of $224.29m receipt from crude oil and gas export in August 2021 as against $191.26m in July 2021, adding that the figures were captured in its August 2021 financial and operations report.

It said the export of crude oil amounted to $7.77m, while gas and miscellaneous receipts stood at $65.26m and $151.26m respectively.

“Total crude oil and gas export receipt for the period of August 2020 to August 2021 stood at $1.84bn,” the statement read in part.

It added that in the gas sector, a total of 233.57 billion cubic feet of natural gas was produced in the month of August 2021 translating to an average daily production of 7,534.67 million standard cubic feet per day.

It noted that for the period of August 2020 to August 2021, a total of 2,890.67bcf of gas was produced representing an average daily production of 7,303.61mmscfd during the period.

“Period-to-date production from Joint Ventures, Production Sharing Contracts and the Nigerian Petroleum Development Company contributed about 57.51, 20.88 and 21.62 per cent respectively to the total national gas production,” NNPC stated.

“This translates to an average total supply of 1,297.54mmscfd to the domestic market and 2,939.31mmscfd of gas to the export market for the month,” it stated.

The statement added, “Total gas supply for the period of August 2020 to August 2021 stood at 2,792.28bcf out of which 537.51bcf and 1,245.93bcf were commercialised for the domestic and export markets respectively.”

The NNPC noted that in August 2021, 21 pipeline points were vandalised representing 50 per cent decrease from the 42 points recorded in July 2021.

It said Port Harcourt area accounted for 10 per cent, while Mosimi area accounted for 90 per cent of the vandalised points.