The Nigerian National Petroleum Corporation (NNPC) has said in its August edition of the Monthly Financial and Operations Report (MFOR) that it netted a trading surplus of N5.20billion in that month.
The document released by the acting spokesman for the group, Mr. Samson Makoji showed that the earning reflected an increase of 22 per cent compared with N4.26 billion-surplus posted in July.
The report attributes the increase of 22 per cent within the period to the 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.
NNPC added that the increased surplus posted by Duke Oil and the reduced deficit by the Nigerian Pipelines and Storage Company (NPSC) also bolstered the figures for the month.
A summary of the corporation’s group operating revenue and expenditure for period under showed that it increased by 7.58 per cent at N540.60 billion, reflecting an increase of N38.10 billion compared with the July.
The report further states that the expenditure for the month followed a similar trend, with an increase of 7.46 per cent or N37.16 billion, to reach N535.40 billion during the year under review.
The NNPC put the proportion of expenditure to revenue at almost at par for the current month as well as it was in July.
In the downstream sector, the report showed that N233.42 billion was made from the sale of white products by the Petroleum Products Marketing Company (PPMC) in August, compared to N214.70 billion in July.
Total revenues generated from the sales of white products from August 2018 to August 2019 stood at N2, 687.29 billion, with PMS contributing about 95.19 per cent of the total sales valued at N2, 558.13billion.
In terms of volume, 1.917 billion litres of white products comprising 1.92 billion litres of PMS and 0.00030 billion litres of diesel were sold and distributed by PPMC in August compared to 1.744 billion litres in July.
This comprises 1.92 billion litres of PMS and 0.00030 billion litres of Automotive Gas Oil, otherwise called diesel.
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Total sale of white products for the period August 2018 to August 2019 stood at 21.49 billion litres, with PMS accounting for 20.82billion litres or 96.9 per cent.
In the gas sector, out of the 1,174.97 million standard cubic feet of (mmscfd) supplied to the domestic market in August 2019, about 666.15 mmscfd, representing 56.69 per cent, was supplied to the gas-fired power plants while the balance of 508.82mmscfd or 43.31 per cent was supplied to other industries.
Similarly, from August 2018 to 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 supply to industries.
