Nigerians Used 1.67bn Litres Of Petrol In April — NNPC

The Nigerian National Petroleum Corporation (NNPC) has said 1.67 billion litres of Premium Motor Spirit (PMS) or petrol was consumed in April which is around 55.79 million litres daily consumption rate.

The corporation which stated this in the April 2021 NNPC Monthly Financial and Operations Report (MFOR), also said it recorded N43.57bn trading surplus representing a 23.64 percent increase over the N35.24bn profit it recorded in March.

According to a statement from the NNPC spokesman, Dr Kennie Obateru, a trading surplus or a trading deficit is derived after deducting expenditure from the revenue realised in the month.

NNPC Group operating revenue in April 2021 compared to March 2021, increased by 17.73% or N80.67bn to N535.61bn.

Expenditure rose by 17.24% or N72.34bn to N492.05bn, while expenditure as a proportion of revenue stood at 0.92% like in March.

It said the trading surplus was due to positive results from its subsidiaries: Nigerian Petroleum Development Company (NPDC), such as crude oil lifting from OML 119 (Okono Okpoho) and OMLs 60, 61, 62, 63 (Nigerian Agip Oil Company), and increase in gas sales. Also, its two other subsidiaries—Duke Oil and the National Engineering and Technical Company (NETCO) made gains.

The report also showed a 34.29% reduction in vandalised pipeline points from 70 in March to 46 points in April. Highest cases were around Port Harcourt (54%) and Mosimi (46%).

About 209.27 billion cubic feet (bcf) of natural gas was produced in April, translating to 6,975.72 million standard cubic feet per day (mmscfd) average daily production.

From April 2020 to April 2021, 2,902.52bcf of gas was produced, representing an average daily production of 7,369.76mmscfd.

SOURCE: DailyTrust