Petroleum products consumption increase as NNPC makes N174.6bn

The consumption of petroleum products across the country increased by about 30 million litres within one month, rising from the 1.33 billion litres consumed in February this year to 1.36 billion litres in March.

Also, the Nigerian National Petroleum Corporation made a total of N174.62bn from the sale of white petroleum products (petrol, kerosene and diesel) in March 2019.

Data from the corporation’s latest monthly financial and operations report for March 2019 further stated that the March sales figure was higher than the N168.65bn recorded in February 2019.

The report explained that the total revenue generated from the sale of white products from the period March 2018 to March 2019 stood at N2.781tn, with Premium Motor Spirit, otherwise called petrol, contributing about 91.09 per cent or N2.533tn.

In terms of the volume of the total sales in March 2019 by the Petroleum Products Marketing Company, a subsidiary of NNPC, the report stated that a total supply and distribution of 1.36 billion litres of white products was made, compared with 1.33 billion litres of February 2019.

A further products breakdown indicated that the March volume comprised 1.29 billion litres of petrol, 0.023 billion litres of Dual Purpose Kerosene and 0.047 billion litres for the diesel component.

Total sale of white products distributed for the period, March 2018 to March 2019, stood at 21.99 billion litres, with petrol accounting for 20.63 billion litres or 93.8 per cent.

The report stated that 6.4 billion litres of special products were sold during the period.

Within the period, 111 pipeline points were vandalised, indicating a 19 per cent drop from the 137 points recorded in February 2019.

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Ibadan–Ilorin and Benin–Ore axes accounted for 46 per cent of total pulverised points, while breaks in other locations made up the balance.

In the gas sector, the report disclosed that gas production increased by 15.4 per cent at 263.48 billion cubic feet, compared to the output in the preceeding period of February 2019.

This translated to an average daily production of 8,499.58 million standard cubic feet of gas per day.

Out of the volume of gas supplied in March 2019, 155.01bcf of gas was commercialised, consisting of 40.35bcf and 111.66bcf for the domestic and export markets, respectively.

The report indicated that 58.81 per cent of the average daily gas produced was commercialised, while the balance of 41.19 was re-injected, used as upstream fuel gas or flared.