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Nigerians consumed 72.29m litres of petrol daily in May – NNPC

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Increase in petrol price inevitable –Rewane

The Nigerian National Petroleum Corporation (NNPC) has revealed Nigerians consumed 72.29 million litres of Premium Motor Spirit (PMS) also known as petrol daily in May.

In its May edition of the NNPC Monthly Financial and Operations Report (MFOR) obtained by Ripples Nigeria on Monday, the corporation said the figure translated to a total volume of 2.241 billion litres in the month.

This was 32.8 percent higher than the 1.673 billion litres recorded in April.

The report showed the total revenues generated from the sales of petroleum products for the period of May 2020 to May 2021 stood at N2.345trillion with PMS contributing N2.336 trillion or 99.61 percent of the total sales for the period.

Also, the total volume of petroleum products sold during the period stood at 18.651billion litres and PMS accounted for 99.69 percent of the total volume.

Crude oil export sales contributed $181.19 million (82.45 percent) of the dollar transactions in May compared with $4.22 million contributions the previous month while the export gas sales component stood at $38.56million in the month.

The report also revealed that between May 2020 and May this year, the Corporation exported crude oil and gas worth $1.64billion.

In the gas sector, the report showed that natural gas production in the month under review increased by 6.19 percent to 222.23billion cubic feet (bcf) compared to the previous month.

This translated to an average production of 7,177.53million standard cubic feet (mmscf) of gas per day.

For the period May 2020 to May 2021, a total of 2,898.34bcf of gas was produced and this represented an average daily production of 7,322.94mmscf during the period.

Period-to-date production from Joint Ventures (JVs), Production Sharing Contracts (PSCs) and Nigerian Petroleum Development Company (NPDC) contributed about 60.94 percent, 20.04 percent and 18.99 percent respectively.

READ ALSO: Despite producing zero fuel, NNPC refineries directors, workers get N252.8bn in 3yrs

Out of the 216.29bcf of gas produced in May, a total of 133.56bcf – domestic market (44.02bcf) and export (89.54bcf) were commercialized respectively.

This translated to a total supply of 1,419.83mmscfd of gas to the domestic market and 2,893.66mmscfd to the export market for the month.

This implied that 61.75 percent of the average daily gas produced was commercialized while the balance of 38.25 percent was either re-injected, used as upstream fuel or flared.

In the downstream sector, the report indicated that the Petroleum Products Marketing Company (PPMC), a downstream subsidiary of the NNPC, posted N295.72billion from the sales of petroleum products in May compared with N220.13billion sales recorded the previous month.

According to NNPC, 64 pipeline points were vandalized in May. This represented a 39.13 percent increase over the 46 points damaged by vandals in April.

The Port Harcourt area accounted for 65 percent of the vandalized points while Mosimi and Kaduna areas accounted for 30 percent and 5 percent respectively.

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