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Nigeria’s state-oil firm generates N2.2 trln revenue from fuel sales in 1-year

By on March 26, 2021 0 118 Views

The Nigerian National Petroleum Corporation (NNPC) generated a total of N2.197 trillion revenue from the sale of petrol between December 2019 to December 2020.

In a statement by the corporation’s spokesman, Kennie Obateru, a total of N2.217 trillion was made from the sales of white products in the period.

“Total revenues generated from the sales of white products for the period December 2019 to December 2020 stood at N2.22 triilion, while petrol contributed about 99.09 percent of the total sales with a value of N2.19 trillion.”

The corporation also announced an increase of 80.12 percent in trading surplus for the month of December 2020 which stands at N24.19 billion compared to the N13.43 billion surplus recorded in November 2020.

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

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The operating revenue of the NNPC Group in December 2020 2020 increased by 33.44 percent or N137 billion to N546.65 billion compared with November 2020.

Its expenditure for the month increased by 27.54 percent or N112.81billion to stand at N522.47billion.

The statement noted that December 2020, expenditure as a proportion of revenue is 0.96 percent as against 0.97 per cent in November 2020.

The report indicated that the 80.12 per cent increase is due mainly to the significant rise in the profit of NNPC’s flagship Upstream entity, the Nigerian Petroleum Development Company (NPDC) amid improved market fundamentals and strong global demand for crude oil.

Other contributory factors to the robust trading surplus recorded in the month under review include the improved performance by the Nigerian Gas Marketing Company (NGMC), the Petroleum Products Marketing Company (PPMC), the National Engineering and Technical Company (NETCO) and Duke Oil Incorporated which recorded noticeable gains in their operations.

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