Uche Usim, Abuja
The Nigerian National Petroleum Corporation (NNPC) on Sunday released its Monthly Financial and Operations Report (MFOR) for March, where it declared N174.62 billion revenue from the sale of white products.
The figure according to the company’s Spokesman, Ndu Ughamadu, is higher than the N168.65billion recorded in February 2019.
The national oil company also recorded 111 vandalized pipeline points within the period, 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.
Ughamadu explained that the total revenue generated from the sale of white products from the period March 2018 to March 2019 stood at N2,780.79b, with Premium Motor Spirit, otherwise called petrol contributing about 91.09 per cent or N2,533b.
In terms of volume of the total sales by the NNPC Subsidiary, the Petroleum Products Marketing Company (PPMC), in March 2019, the report said a total supply and distribution of 1.36b litres of white products was made, compared with 1.33b litres of February 2019.
A further products breakdown indicated that the March volume comprised 1.29b litres of petrol, 0.023b litres of Dual Purpose Kerosene (DPK), and 0.047b litres for the diesel component.
Total sale of white products distributed for the period, March 2018 to March 2019, stood at 21.99b litres, with petrol accounting for 20.63 billion litres or 93.8 per cent. The report stated that 6.4b litres of special products were sold during the period.
In the gas sector, the MFOR disclosed that gas production increased by 15.4per cent at 263.48b cubic feet compared to the output in proceeding period of February 2019. This translated to an average daily production of 8,499.58m standard cubic feet of gas per day (mmscfd).
Out of the volume of gas supplied in March 2019, 155.01bcf of gas was commercialised, consisting of 40.35bcf, and 111.66bcf for the domestic and export markets, respectively.
The report 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 NNPC Monthly Financial and Operations Report was the 44th in the series.