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NNPC records N234.63bn petroleum product sales in March

We have 2bn litres of petrol, avoid panic buying –NNPC

The Nigerian National Petroleum Corporation (NNPC) in March 2021 recorded sales of N234.63 billion in petroleum products.

The NNPC made this known on Sunday, in a statement in which the corporation said the sales was from its downstream subsidiary, the Petroleum Products Marketing Company (PPMC).

The corporation’s spokesman who signed the statement said the revenue was from the sales of white products in the month of March 2021 representing a 24.7% increase from the ₦188.15billion sales recorded in the previous month of February 2021.

Obateru disclosed that the figure is contained in the March 2021 edition of the NNPC Monthly Financial and Operations Report (MFOR).

The report showed that total revenues generated from the sales of white products for the period of March 2020 to March 2021 stood at ₦2.129trillion, where petrol contributed about 99.24% of the total sales with a value of ₦2.113trllion.

In terms of volume, the above value translates to 1.782billion liters of white products sold and distributed by PPMC in the month of March 2021 compared to 1.4billion litres in the month of February 2021.

This volume is made up of 1.75billion litres of Premium Motor Spirit (PMS) and 0.45million litres of Automotive Gas Oil (AGO).

The report indicated that total sale of white products for the period of March 2020 to March 2021 stood at 17.374billion litres and PMS accounted for 17.265billion litres or 99.37%.

The NNPC assured that it continues to diligently monitor the daily stock of PMS to achieve uninterrupted supply, effective distribution and zero fuel queue across Nigeria.

In the Gas Sector, the corporation revealed that a total of 222.74billion cubic feet (bcf) of natural gas was produced in the month March 2021 translating to an average daily production of 7,183.33million standard cubic feet per day (mmscfd).

For the period of March 2020 to March 2021, the report states that a total of 2,911.62bcf of gas was produced representing an average daily production of 7,409.60mmscfd during the period.

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Part of Obateru’s statement read; “Production from Joint Ventures (JVs), Production Sharing Contracts (PSCs) and NPDC contributed about 63.23%, 19.78% and 63.99% respectively to the total national gas production.

“In terms of natural gas off-take, commercialization and utilization, out of the 210.55bcf supplied in March 2021, a total of 138.38bcf was commercialized, consisting of 45.42bcf and 92.96bcf for the domestic and export market respectively.

“This translates to a total supply of 1,465.42mmscfd of gas to the domestic market and 2,998.26mmscfd of gas supplied to the export market for the month.

“This implies that 63.18% of the average daily gas produced was commercialized while the balance of 36.82% was re-injected, used as upstream fuel gas or flared.

“Gas flare rate was 9.50% for the month under review (i.e. 671.13mmscfd) compared to average gas flare rate of 7.25% (i.e. 532.37mmscfd) for the period of March 2020 to March 2021.

“On domestic gas supply to the power sector, a total of 844 mmscfd was delivered to gas-fired power plants in the month of March 2021 to generate about 3,530mega watts (mw) compared with February 2021 where 825 mmscfd was supplied to generate 3,580mw”.

The NNPC report further revealed that the Corporation recorded 70 vandalized points across its pipeline network in the period under review, representing a 29.63percent increase from the 54 points recorded in the previous month.

A breakdown of the pipeline vandalisation showed that while the Port Harcourt area accounted for 63% of the vandalized points, the Mosimi area accounted for 21% and the Gombe area accounted for the remaining 16percent.

NNPC noted that it, however, is working in collaboration with the local communities and other stakeholders to effectively monitor the pipelines with a view to reducing and eventually eliminating the menace of pipeline vandalism.

Obateru stated that the March 2021 MFOR, the 68th edition of the report, is published monthly to keep the Nigerian public up to date with the operations of the Corporation in line with the management’s guiding philosophy of Transparency, Accountability and Performance Excellence (TAPE).