The Petroleum Products Marketing Company (PPMC), a downstream subsidiary of the Nigerian National Petroleum Corporation (NNPC), has raked in a total of N2.129 trillion from the sales of petroleum products between March 2020 and March 2021.
This is according to the corporation’s 68th edition of Monthly Financial and Operation Reports (MFOR), released on Sunday in Abuja, as captured by The Punch.
The breakdown of the turnover revealed that PPMC raked in revenue of N234.63 billion from the sale of 1.75 billion litres of white products in March alone, representing an increase of about 24.7% month-on-month, from the N188.15 billion recorded from the sales of 1.4 billion litres earlier in February this year.
Buttressing this, a part of the report read: “The total revenues generated from the sales of white products for the period of March 2020 to March 2021 stood at N2.129 trillion, where petrol contributed about 99.24 per cent of the total sales with a value of ₦2.113trllion.
“Total sale of white products for the period of March 2020 to March 2021 stood at 17.374billion litres and PMS accounted for 17.265 billion litres or 99.37 per cent,’’ it said.
Additionally, the report noted that the corporation was proactive in monitoring the daily stock of PMS in a bid to achieve uninterrupted supply, effective distribution and zero fuel queue across Nigeria.
The report also revealed that: ‘’ For the period of March 2020 to March 2021, a total of 2,911.62bcf of gas was produced representing an average daily production of 7,409.60mmscfd during the period. Thus, translating 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.’’
The report emphasized that 70 of the corporation’s pipelines were vandalized during the period under review, representing an increase of about 29.63% from the 54 pipelines that were vandalized a year earlier. Commenting on this, the report noted that: ‘’ While the Port Harcourt area accounted for 63 per cent of the vandalised points, the Mosimi area accounted for 21 per cent and the Gombe area accounted for the remaining 16 per cent.
“NNPC is, however, 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.’’
Finally, the report noted that a 9.5% gas flaring rate was recorded during the month under review, translating to 671.13mmscfd, which is above the average gas flaring rate of 7.25% (that is 532.37mmscfd) for the period of March 2020 to March 2021.