NNPC declares N5.20b trading surplus in August

The Nigerian National Petroleum Corporation said it made N5.20 billion trading surplus for the month of August, reflecting an increase of 22 per cent compared with the N4.26 billion surplus posted in July.
The corporation disclosed this in its Monthly Financial and Operations Report for August released in Abuja on Sunday.
It attributed the appreciable increase of 22 per cent within the period under review to largely the improved surplus posted by the Nigerian Petroleum Development Company.
It explained that the percentage increase in performance of the company evened out with the decline in the performance of Nigeria Gas Company vis-à-vis July figures.
It added that the increased surplus posted by Duke Oil and the reduced deficit by the Nigerian Pipelines and Storage Company equally bolstered the figures for the month, according to the report.
A summary of NNPC’s Group Operating Revenue and Expenditure for the month under review indicated that it increased by 7.58 per cent at N540.60 billion, reflecting an increase of N38.10 billion compared with the previous month’s performance.
It further added that the expenditure for the month followed a similar trend with increase of 7.46 per cent or N37.16 billion, to reach N535.40 billion.
It declared that the proportion of expenditure to revenue was almost at par for the current month as well as in July 2019.
In the Downstream Sector of the corporation’s operations, the report noted that N233.42 billion was made on the sale of white products by the Petroleum Products Marketing Company, the Downstream subsidiary of the NNPC, in August compared to N214.70 billion sales in July.
It said: “Total revenues generated from the sales of white products for the period August 2018 to August 2019 stood at N2,687.29billion, with PMS contributing about 95.19 per cent of the total sales valued at N2,558.13billion.
“Volume wise, 1.917 billion litres of white products were sold and distributed by PPMC in the month under review, compared with 1.744 billion litres in July 2019.
“This comprised 1.92 billion litres of PMS and 0.00030 billion litres of Automotive Gas Oil, otherwise called diesel.
“Total sale of white products for the period: August 2018 to August 2019 stood at 21.49 billion litres, with PMS accounting for 20.82 billion litres or 96.9 per cent.”
In the Gas Sector, it said out of the 1,174.97 million Standard Cubic Feet of gas supplied to the domestic market in August, about 666.15 mmscfd of gas, representing 56.69 per cent, was supplied to Gas-Fired power plants.
According to the report, the balance of 508.82 mmscfd or 43.31 per cent was supplied to other industries.
“Similarly, for the period: August 2018 to August 2019, an average of 1,211.08mmscfd of gas was supplied to the domestic market, comprising an average of 723.77mmscfd or 59.76 per cent as gas supply to power and 482.32mmscfd or 40.24 per cent as gas supply to industries,” the report revealed.
The News Agency of Nigeria reports that the report is the 49th edition of the corporation’s publication.