NNPC records trading surplus of N5.20b

Nigerian National Petroleum Corporation (NNPC) has announced a trading surplus of N5.20billion for August.

It reflects an increase of 22 per cent when compared with the N4.26 billion-surplus posted in July.

The new figures were contained in the August edition of the Monthly Financial and Operations Report (MFOR) released by NNPC Acting Group General Manager, Group Public Affairs Division, Mr Samson Makoji.

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.

Stating a summary of NNPC’s Group Operating Revenue and Expenditure for August 2019, the August report indicates that it increased by 7.58 per cent at N540.60 billion, reflecting an increase of N38.10 billion compared with the previous month’s performance.

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 puts 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 of the corporation’s operations, the 49th edition of the NNPC MFOR states that N233.42 billion was made on the sale of white products by the Petroleum Products Marketing Company (PPMC), the Downstream subsidiary of the National Oil Company in August, compared to N214.70 billion sales in July.

Total revenues generated from the sales of white products for the period 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.

Volume-wise, 1.917 billion litres of white products were sold and distributed by PPMC in the month under review, compared with 1.744 billion litres in July.

This comprises 1.92 billion litres of PMS and 0.00030billion litres of Automotive Gas Oil, otherwise called diesel.

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) of gas supplied to the domestic market in August 2019, about 666.15mmscfd of gas, representing 56.69 per cent, was supplied to Gas-Fired power plants while the balance of 508.82mmscfd or 43.31 per cent was supplied to other industries.