NNPC recorded ₦24.19bn trading surplus in December

The Nigerian National Petroleum Corporation (NNPC) recorded ₦24.19billion trading surplus in December 2020.

The figure, according the Corporation’s Monthly Financial and Operation Report for December 2020 released on Thursday in Abuja, was 80.12 percent higher than the ₦13.43billion recorded in November of the same year.

The report also revealed that the NNPC Group’s operating revenue increased by N137.00 billion or 33.44 percent from N309.65 billion recorded in November to N546.65billion in December.

The report said: “Similarly, expenditure for the month increased by 27.54 percent or N112.81billion to stand at N522.47billion.

“The December 2020 expenditure as a proportion of revenue is 0.96 percent as against 0.97 percent in November 2020.”

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The report disclosed that the increase in trading surplus was due mainly to the significant rise in profit of NNPC’s Upstream entity, the Nigerian Petroleum Development Company (NPDC) amid improved market fundamentals and strong global demand for crude oil.

Other factors 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.

In the Downstream Sector, 2.26billion litres of white products were sold and distributed by Pipelines and Product Marketing Company (PPMC) during the month.