The Nigerian National Petroleum Corporation (NNPC) on Wednesday, said it generated N203.73billion from the sale of white products in the month of July 2021 through its subsidiary, the Petroleum Products Marketing Company (PPMC).
The national oil company also revealed that total revenues generated from the sales of white products for the period July 2020 to July 2021 stood at over N2.563 trillion where PMS contributed about 99.67 percent of the total sales.
Similarly, it said 1.544billion litres of petroleum products were sold and distributed by the PPMC, in the month of July 2021 with PMS accounting for 99 percent of total volume. Total sale of petroleum products for the period July 2020 to July 2021 stood at 19.535billion litres and Premium Motor Spirit (PMS) accounted for 99.73 percent of total volume, the report stated.
NNPC also indicated a 5.23 percentage increase in the average daily gas supply to power plants in the month of July 2021 which stood at 759million standard cubic feet of gas per day (MMSCFD), equivalent to power generation of 3,250MW against the June 2021 figure of 721mmscfd to generate 3,181MW. According to the report, national gas production in July 2021 increased by 3.99 percent at 232.69Billion Cubic Feet (BCF).
Petrol subsidy rises, hits N1.16tn in 11 months
Meanwhile, the amount spent on subsidising Premium Motor Spirit, popularly called petrol, rose to N1.16tn between January and November this year, the latest data from the Nigerian National Petroleum Company Limited show.
The data also revealed that NNPC’s remittances to the Federation Accounts Allocation Committee in the 11-month period dropped by N1.78tn.
In its report on funding performance between January and November 2021, the oil firm said it had maintained petrol subsidy since the beginning of this year. In the report, the NNPC referred to its subsidy spending as under-recovery, as it had repeatedly stated that it had no authorisation by the National Assembly to pay subsidy.
The latest funding performance data showed that while nothing was recorded as under-recovery of PMS/value shortfall in January, the oil company spent N25.374bn, N60.396bn and N61.966bn in February, March and April respectively.
In May, June and July, NNPC recorded under-recoveries/value shortfalls of N126.298bn, N164.337bn and N103.286bn respectively. The oil firm said the under-recovery/value shortfall stood at N173.132bn, N149.283bn, N163.709bn and N131.4bn in August, September, October and November respectively.
The NNPC spends so much on petrol subsidy because for about four years running it has remained the sole importer of PMS into Nigeria.
