Petroleum firm records N174.62bn sales

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The Nigerian National Petroleum Corporation (NNPC) said it recorded
N174.62 billion sale of white petroleum products in March

The corporation disclosed this in its March Monthly Financial and
Operations Report (MFOR) released in Abuja.

It says that March sales figure was higher than the N168.65 billion
recorded in February.

It explained that the total revenue generated from the sale of white
products from the period March 2018 to March 2019 stood at N2,780.79
billion.

According to the report, Premium Motor Spirit, otherwise called
petrol, contributes about 91.09 per cent or N2. 533billion.

It added that a total supply and distribution of 1.36 billion litres
of Petroleum products were made by NNPC Subsidiary, the Petroleum
Products Marketing Company (PPMC) in March, compared with 1.33 billion
litres  in February.

A further breakdown indicated that the March volume comprised 1.29
billion litres of petrol, 0.023 billion litres of Dual Purpose
Kerosene (DPK), and 0.047 billion litres for the diesel component.

“Total sale of white products distributed for the period March 2018 to
March 2019, stood at 21.99 billion litres, with petrol accounting for
20.63 billion litres or 93.8 per cent,’’ it added

The report further noted that 6.4 billion litres of special products
were sold during the period under review.

On pipelines vandalism, the report revealed that in March, 111
pipeline points were vandalised, indicating a 19 per cent drop from
the 137 points recorded in February 2019.

“Ibadan –Ilorin and Benin –Ore axis accounted for 46 per cent of total
pulverised points, while breaks in other locations made up the
balance,’’ it said.

In the Gas sector, the MFOR revealed that gas production increased by
15.4 per cent at 263.48 billion cubic feet compared to the output in
preceding period of February.

This, it said, translated to an average daily production of 8,499.58
million standard cubic feet of gas per day (mmscfd).

“Out of the volume of gas supplied in the month under review, 155.01
bcf of gas was commercialised, consisting of 40.35 bcf, and 111.66 bcf
for the domestic and export markets,’’ it added.

The report also indicated that 58.81 per cent of the average daily gas
produced was commercialised, while the balance of 41.19 was
re-injected, used as upstream fuel gas or flared.

The March 2019 MFOR is the 44th in the series.