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Nigerians spent N2.64tn of their income on petrol in 13 months —NNPC



N500bn earmarked as palliative for fuel price hike ‘missing’

Statistics released on Sunday by the Nigerian National Petroleum Corporation (NNPC) reflects that it sold around 21.51 billion litres of petrol estimated at N2.64 trillion, indicating the aggravating pressure of energy needs on the disposable income of the populace.

Inflation in Africa’s largest economy is currently at a 22-month high of 12.20%, having been on a steady rise for six months on end.

From December 2018 to December 2019, Petroleum Products Marketing Company (PPMC), a subsidiary of the state-owned corporation sold 21.861 billion litres of white products such as Liquefied Petroleum Gas (LPG), gasoline, kerosene, diesel and residual fuel oil.

Of this range, gasoline accounted for 98.41 per cent.

The average price per litre of kerosene, the energy source a great majority of Nigeria’s ordinary population is known for, rose “1.01% month on month and by 7.04% year on year to N326.93 in February 2020 from N323.66 in January 2020,” the statistics office said last week.

Revenue amassed by the Nigerian Government from petroleum products sales in the period under review came to N2.71 trillion out of which petrol made up 97.56%.

The incidence of pipeline vandalisation at the NNPC recorded moderate improvement last December with 40 vandalised points recorded relative to the 68 posted a month before, a 41% improvement as a matter of fact.

10 vandalised spots could not be welded out of the total figure and no rupture case was observed, the NNPC said.

Of all the breach cases, 30% and 35% were recorded by Mosimi-Ibadan and Atlas Cove-Mosimi axes respectively, leaving the remaining routes with 35%.

The firm confirmed it had intensified its synergy with the local communities and stakeholders to help curb the threat.

The data reveal the PPMC’s distribution figure ballooned from 0.841 billion litres in November to 2.775 billion in December 2020.

This was made up 2.76 billion litres of petrol, 0.013 billion litres of diesel and 0.003 billion litres of Low Pour Fuel Oil.

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Income realised from petroleum products distribution totalled N337.63 billion compared to the N105.62 billion reported in November.

In the month under review, the NNPC posted a trade surplus of N5.28 billion up from the N3.95 billion in November.

Improved results from the NNPC’s upstream and downstream operations were largely for the 34% performance growth, the corporation said.

It cited reduction in the shortfall recorded by its corporate headquarters and modification to the earlier inaccurate figure of Integrated Data Services and Duke Oil as parts of the grounds for the improved performance.

Cuts in pipeline repair/Right of Way Maintenance spending by Nigerian Pipeline and Storage Company as well as reduction in the cost of gas purchases by the Nigeria Gas Marketing Company also accounted for the revenue improvement.

148.32 billion cubic feet of supplied gas out of the 239.29bcf of gas supplied in December was commercialised with 34.7bcf and 113.54bcf apportioned to the domestic and the export markets in that order.

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