Business

NNPC: N158bn petroleum products sold in October 2020

…accounts for 92% increase in sales
…as corporation increases power plants gas supply by 8.60%

The Nigerian National Petroleum Corporation (NNPC) has said its downstream subsidiary, the Petroleum Products Marketing Company (PPMC), recorded a total of ₦158.04 billion from the sales of white products in the month of October 2020.
A statement released by NNPC’s Group General Manager, Group Public Affairs Division, Dr. Kennie Obateru on Thursday in Abuja, noted that the October sales accounted for a 92 percent increase over the ₦80.15 billion sales recorded in the previous month, September 2020.
Obateru, who noted that the figure was contained in the October 2020 edition of the NNPC Monthly Financial and Operations Reports (MFOR), said the report indicates that total revenues generated from the sales of white products for the period October 2019 to October 2020 stood at ₦1.95 trillion, with Premium Motor Spirit (PMS) accounting for about 99.07% of the total sales with a value of over ₦1. 9 trillion.
He said: “In terms of volume, the October 2020 sales figure translates to a total of 1.224.54 billion litres of white products sold and distributed by PPMC within the period compared with 603.39 million litres in the month of September 2020.
“This comprised 1.224.20 billion litres of PMS, 0.31 million litres of Automotive Gas Oil (AGO) also known as diesel and 0.033 million litres of Dual Purpose Kerosene (DPK).
“Total sales of white products for the period October 2019 to October 2020 stood at 16.462.50 billion litres and PMS accounted for 16.344.36 billion litres or 99.28%.
“In the month under review, 23 pipeline points were vandalized representing about 10% increase from the 21 points recorded in September 2020. Of this figure, Mosimi Area accounted for 83% of the vandalized points while Port Harcourt Area accounted for the remaining 17%.”
While noting that the 63rd edition of the MFOR highlights NNPC’s activities for the period of October 2019 to October 2020, Obateru further disclosed that the daily supply of natural gas to power plants increased by 8.60% to 745mmscfd on the average, equivalent to power generation of 2,801Megawatts.

 

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