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HomeTop NewsNigeria earns N2.56 trln from fuel sales in 1-year

Nigeria earns N2.56 trln from fuel sales in 1-year

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The Nigerian National Petroleum Company (NNPC) said that its downstream subsidiary, the Petroleum Products Marketing Company (PPMC) generated N2.56 trillion from the sale of petroleum products in one year between July 2020 and July 2021.

In its July 2021 figures of the national oil company’s Monthly Financial and Operations Report (MFOR), the state oil firm said that petrol contributed about 99.67 percent of the sales.

The state oil company said in July 2021 alone, its generated about N203.73 from the sales of petrol alone.

The report also showed that a total of 1.544 billion litres of petroleum products were sold and distributed by the PPMC in July 2021, with petrol accounting for 99 percent of total volume.

Total sale of petroleum products for the period July 2020 to July 2021, stood at 19.53 billion litres and Premium Motor Spirit (PMS) accounted for 99.73 percent of total volume, the report stated.

READ ALSO: Oil price rises on Nigeria production woes, U.S. crude stocks decline

The report also indicated a 5.23 percentage points increase in the average daily gas supply to power plants in the month of July 2021 which stood at 759 million standard cubic feet of gas per day (MMSCFD).

According to the NNPC, the gas supply improved power generation in the country during the period as it was equivalent to power generation of 3,250MW compared with the June 2021 figure of 721mmscfd which generated 3,181MW.

It stated that national gas production in July 2021, increased by 3.99 percent at 232.69 billion Cubic Feet (BCF) compared to output in the previous month, translating to an average daily production of 7,502.28mmscfd.

“For the period July 2020 to July 2021, a total of 2,891.53BCF of gas was produced representing an average daily production of 7,305.43mmscfd.

“Period-to-date production from Joint Ventures (JVs), Production Sharing Contracts (PSCs) and NPDC contributed about 58.67 per cent, 20.45 per cent and 20.89 per cent respectively to the total national gas production,” it explained.

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