Nigerians Spent Over N2trn On Petrol In 12 Months-NNPC

Within a 12 months period covering November 2019 to November 2020,
Nigerians spent over N2trn on Premium Motor Spirit popularly referred to as Petrol, figures from the Nigerian National Petroleum Corporation have revealed.

According to the November 2020 edition of the NNPC Monthly Financial and Operations Report, total sale of white products for the period November 2019 to November 2020 stood at 17.031 billion litres with petrol accounting for 16.911 billion litres with a value of over N2.015trn.

It said, “In monetary terms, a sum of N226.08bn was made on the sale of white products by PPMC in the month of November 2020 compared to N158.04bn sales in October 2020.”

The report showed that the Corporation recorded $108.84m export receipt from crude oil and gas in November 2020.

It added, “Total crude oil export sales contributed $73.09m (67.15 per cent) of the dollar transactions compared with $12.38m contribution in the previous month; while the export gas sales amounted to $35.75m in the month.

“The total crude oil and gas export for the period of November 2019 to November 2020 stood at $2.89bn.”

According to the report, the Corporation recorded a trading surplus of N13.43bn in the period, up by 54 per cent when compared to the N8.71bn surplus recorded in October 2020.

It said, “In November 2020, NNPC Group’s operating revenue as compared to October 2020, decreased slightly by 0.02 percent or N0.09bn to stand at N423.08bn.

“Similarly, expenditure for the month decreased by 1.16 per cent or N4.81bn to stand at N409.65bn leading to the N13.43bn trading surplus.

“The 54 per cent increase in trading surplus in the November 2020 MFOR is primarily ascribed to the substantial decrease in expenditure from the Nigeria Gas Company due to cost reduction in overheads, coupled with 38 per cent reduction in NNPC Corporate Headquarters deficit.

“The NNPC Group’s surplus was bolstered by the noticeable improved profits for additional engineering services rendered by the Nigerian Engineering and Technical Company and increased revenue from import activities posted by Duke Oil Incorporated.”

Further details of the report showed that a total of 222.34 billion cubic feet of natural gas was produced in the month under review, translating to an average daily production of 7.41 billion Standard Cubic Feet per Day.

Similarly, from November 2019 to November 2020, a total of 3,004.06BCF of gas was produced, representing an average daily production of 7,642.69mmscfd during the period.

Out of this volume, production from Joint Ventures accounted for 67.29 per cent, Production Sharing Contracts accounted for 19.97 per cent, while the Nigerian Petroleum Development Company accounted for 12.74 per cent.

A further breakdown showed that a total of 137.41BCF of gas was commercialized, consisting of 39.99BCF and 97.42BCF for the domestic and export market respectively.

“This translates to a total supply of 1,332.82 mmscfd of gas to the domestic market and 3,247.44 mmscfd of gas supplied to the export market for the month.

“This implies that 62.55 percent of the average daily gas produced was commercialized while the balance of 37.45 percent was re-injected, used as upstream fuel gas or flared. Gas flare rate was 7.89 percent for the month under review translating to 577.39 mmscfd,” it added.

A total of 789 mmscfd, according to the report, was delivered to gas-fired power plants in the month of November 2020 to generate an average power of about 3,358MW compared with October 2020 when an average of 750mmscfd was supplied.

In the Downstream Sector, 1.725 billion litres of white products were sold and distributed in the month of November 2020, compared with over 1.224 billion litres in the month of October 2020.

This comprised 1.723 billion litres of Premium Motor Spirit, 2.13 million litres of Automotive Gas Oil also known as diesel and 0.33 million litres of Dual Purpose Kerosene.