Corporation rakes in N2.015tr from petrol sales

The Petroleum Products Marketing Company (PPMC) raked in N2.015 trillion from the sales of petrol, called Premium Motor Spirit (PMS), from November 2019 to November 2020.

The Group General Manager, Group Public Affairs Division, Dr. Kennie Obateru, announced this in a statement on Sunday in Abuja.

The statement said: “…The report also indicated that export sales of crude oil and gas for the month stood at $108.84 million, making a 70.33 per cent increase compared to the last month.

“Crude oil export sales contributed $73.09 million (67.15 per cent) of the dollar transactions compared with $12.38 million contribution in the previous month; while the export gas sales amounted to $35.75 million in the month.

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

In the Gas Sector, a total of 222.34 Billion Cubic Feet (BCF) of natural gas was produced in the month under review, translating to an average daily production of 7,411.52 Million Standard Cubic Feet per Day (mmscfd).

“For the period 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 (JVs) accounted for 67.29 per cent, Production Sharing Contracts (PSCs) accounted for 19.97 per cent, while the Nigerian Petroleum Development Company (NPDC) accounted for 12.74 per cent.”

“A further breakdown showed that a total of 137.41 BCF 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 per cent of the average daily gas produced was commercialized while the balance of 37.45 per cent was re-injected, used as upstream fuel gas or flared. Gas flare rate was 7.89 per cent for the month under review translating to 577.39 mmscfd.

“A total of 789mmscfd 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 by the Petroleum Products Marketing Company (PPMC), a subsidiary of the NNPC, 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 (AGO), also known as diesel, and 0.33 million litres of Dual Purpose Kerosene.

Total sale of white products for the period November 2019 to November 2020 stood at 17.031 billion litres and PMS accounted for 16.911 billion litres or 99.29 per cent.

In monetary terms, the sum of “¦ 226.08 billion was made on the sale of white products by PPMC in November 2020, compared to ¦ 158.04 billion sales in October 2020.