The Nigerian National Petroleum Corporation, NNPC, announced a trading surplus of N2.68 billion for May 2020, compared to a deficit of N30.81 billion recorded in April 2020.
In It’s 2020 Monthly Financial and Operations Report, NNPC alstated that the country earned N92.58 billion from the sale of white petroleum products in the month under review, comprising premium motor spirit, PMS, also known as petrol; kerosene and diesel.
As a result, Group General Manager, Group Public Affairs Division of the NNPC, Dr. Kennie Obateru, said its operating revenue appreciated by 15.33 per cent or N31.68 billion to N238.33 billion, compared to N206.65 billion recorded in April 2020.
Accordingly, he added that the NNPC’s expenditure decreased by 0.76 per cent or N1.81 billion to stand at N235.66 billion in May, from N233.85 billion recorded in April.
The NNPC May MFOR, further said the corporation had continued to diligently monitor the daily stock of Premium Motor Spirit (PMS), otherwise called petrol, to achieve smooth distribution of the products to ensure zero fuel queue across the nation.
It stated that towards this end, 950.67million litres of white products were sold and distributed by the corporation’s downstream subsidiary, the Petroleum Products Marketing Company (PPMC) in May, 2020.
This comprised 950.67 million litres of PMS only with no Automotive Gas Oil (AGO) or Dual Purpose Kerosene (DPK), adding that there was no sale of special product in the month.
Total sale of white products for the period May 2019 to May 2020 stood at 19,865.80 million litres and PMS accounted for 19,704.49 million litres or 99.19 per cent.
The report stated that ₦92.58 billion was made on the sale of white products by PPMC in May 2020. Total revenue generated from the sales of white products for the period May 2019 to May 2020 stood at 2,393.88 billion, where PMS contributed about 98.84 per cent of the total sales with a value of 2,366.15 billion.
In the gas sector, natural gas production in May 2020 increased by2.38 per cent at 226.51Billion Cubic Feet (BCF) compared to output in April 2020; translating to an average daily production of 7,480.36 million Standard Cubic Feet of gas per day.
(C) Control TV 2020.
