petrol hike

By Obas Esiedesa, Abuja

The Nigerian National Petroleum Corporation (NNPC) has disclosed that consumers spent N2.153 trillion on premium motor spirit (petrol) in 12 months from June 2020 to May 2021.

NNPC, in a statement on Monday, also disclosed that its Monthly Financial and Operations Report for the month of May, 2021, showed that the Petroleum Products Marketing Company (PPMC), a downstream subsidiary, recorded a total revenue of N295.72 billion from the sales of petroleum products in the month of May 2021, indicating  from N220.13 billion in April 2021.

The Corporation stated that 2.234 billion litres of petrol was supplied in May from 1.673 billion litres supplied in April, 2021.

NNPC reported that total sales of petroleum products for the period May 2020 to May 2021 stood at 18.651billion litres and PMS accounted for 99.69 percent of total volume.

According to the statement issued by the NNPC’s Group General Manager, Group Public Affairs Division, Mr. Garba Deen Muhammad, total crude oil and gas export sales was $219.75 million in May 2021, representing 180.29 percent increase from the previous month of April 2021.

Muhammad explained that crude oil export sales contributed $181.19 million (82.45 per cent) of the dollar transactions compared with $4.22 million contribution in the previous month, while the export gas sales component stood at $38.56 million in May 2021.

He said the report also showed that between May 2020 and May 2021, the Corporation exported crude oil and gas worth $1.64 billion.

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NNPC added that in the gas sector, the report showed that natural gas production in the month under review increased by 6.19 per cent at 222.23 billion cubic feet (bcf) compared with output in the previous month, translating to an average production of 7,177.53million standard cubic feet (mmscf) of gas per day.

“For the period May 2020 to May 2021, a total of 2,898.34bcf of gas was produced representing an average daily production of 7,322.94mmscf during the period”, the Corporation stated.

NNPC disclosed that period-to-date production from Joint Ventures (JVs), Production Sharing Contracts (PSCs) and Nigerian Petroleum Development Company (NPDC) contributed about 60.94 percent, 20.04 percent and 18.99 percent respectively.

“Out of the 216.29bcf of gas produced in May 2021, a total of 133.56bcf was commercialized, consisting of 44.02bcf and 89.54bcf for the domestic and export markets respectively. This translates to a total supply of 1,419.83mmscfd of gas to the domestic market and 2,893.66mmscfd to the export market for the month.

“This implies that 61.75 percent of the average daily gas produced was commercialized while the balance of 38.25 percent was either re-injected, used as upstream fuel or flared”.

Vanguard News Nigeria

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