NNPC records ₦5.20bn trading surplus in August, distributes 1.92bn litres of PMS

The Nigerian National Petroleum Corporation (NNPC) has announced an increased trading surplus of ₦5.20 billion for August, 2019, reflecting an increase of 22 per cent when compared with the ₦4.26 billion-surplus posted in July 2019.

According to the state run national oil company in its Monthly Financial and Operations Report (MFOR) for August 2019 released on Sunday, the figure represents a 22 per cent increase largely due to improved surplus posted by the Nigerian Petroleum Development Company (NPDC). 

It explained that the percentage increase in performance of the company evened out with the decline in the performance of Nigeria Gas Company (NGC) vis-à-vis July, 2019 figures, even as it added that the increased surplus posted by Duke Oil and the reduced deficit by the Nigerian Pipelines and Storage Company (NPSC) equally bolstered the figures for the month, according to the report. 

A summary of NNPC’s Group Operating Revenue and Expenditure for the month under review showed a 7.58 per cent increase at ₦540.60 billion, reflecting an increase of ₦38.10 billion compared with the previous month’s performance.  

It further stated that the expenditure for the month followed a similar trend with increase of 7.46 per cent or ₦37.16 billion, to reach ₦535.40 billion during the year under review, declaring that the proportion of expenditure to revenue is almost at par for the current month as well as in July 2019. 

In the Downstream Sector of the corporation’s operations, the 49th edition of the NNPC MFOR stated that ₦233.42billion was made on the sale of white products by the Petroleum Products Marketing Company (PPMC), the downstream subsidiary of the National Oil Company, in August 2019, compared to ₦214.70 billion sales in July, 2019. 

“Total revenues generated from the sales of white products for the period August 2018 to August 2019 stood at ₦2,687.29billion, with PMS contributing about 95.19 per cent of the total sales valued at ₦2,558.13billion,” the report said.

NNPC MFOR stated that 1.917 billion litres of white products were sold and distributed by PPMC in the month under review, compared with 1.744 billion litres in July 2019. 

“This comprised 1.92billion litres of PMS and 0.00030 billion litres of Automotive Gas Oil, otherwise called diesel. Total sale of white products for the period: August 2018 to August 2019 stood at 21.49 billion litres, with PMS accounting for 20.82 billion litres or 96.9 per cent,” NNPC said.  

The report stated that out of the “1,174.97 million Standard Cubic Feet of (mmscfd) of gas supplied to the domestic market in August 2019, about 666.15mmscfd of gas representing 56.69 per cent was supplied to Gas-Fired power plants while the balance of 508.82mmscfd or 43.31 per cent was supplied to other industries.” 

Similarly, between August 2018 and August 2019, an average of 1,211.08mmscfd of gas was supplied to the domestic market, comprising an average of 723.77mmscfd or 59.76 per cent as gas supply to power and 482.32mmscfd or 40.24 per cent as gas supply to industries.

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