32.7 C
Monday, May 16, 2022

Nigeria fuel consumption declines 3% to 56 million litres a day in April

Nigeria recorded a 3 percent drop in petrol consumption in the month of April, with the total fuel supply fell to 56 million liters a day from 57.49 million liters per day in March.

In its monthly report, the Nigerian National Petroleum Corporation (NNPC) put the figure of total domestic consumption of fuel at 1.67billion litres in the month of April which translated to 55.79 liters per day.

“In order to ensure uninterrupted supply and effective distribution of fuel across the country, a total of 1.67billion litres of petrol translating to 55.79mn litres/day were supplied in the month under review in the downstream sector.

“The Corporation has continued to diligently monitor the daily stock of petrol to achieve smooth distribution of petroleum products and zero fuel queue across the Nation.

“Also, in the Gas sector, a total of 209.27 billion cubic feet (bcf) of natural gas was produced in the month under review, translating to an average daily production of 6,975.72 million standard cubic feet per day (mmscfd).

READ ALSO: Terrorists kill nine, abduct eight people in Sokoto village

“For the period of April 2020 to April 2021, a total of 2,902.52bcf of gas was produced, representing an average daily production of 7,369.76mmscfd during the period.”

The state-oil giant also announced a trading surplus of N43.57 billion in April 2021 representing a 23.64 percent increase over the N35.24 billion surplus recorded in the previous month of March 2021.

Trading surplus or trading deficit is derived after deduction of the expenditure profile from the revenue for the period under review.

“Similarly, expenditure for the month increased by 17.24 per ent or N72.34 billion to stand at N492.05 billion, while expenditure as a proportion of revenue stood at 0.92, same as last month.

“The positive outlook was further consolidated by the robust gains of two other subsidiaries namely: Duke Oil and the National Engineering and Technical Company Limited (NETCO),” the report stated.

Latest news
- Advertisement -spot_img
Related news