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Nigeria’s daily petrol consumption rises by 15% in February

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Increase in petrol price inevitable –Rewane

The Nigerian National Petroleum Corporation (NNPC) has revealed that the amount of Premium Motor Spirit (popularly known as petrol) consumed by Nigerians increased to 1.41 billion litres in February.

This translates to 50.52 million litres of petrol consumed per day across the country, up from 46.30million liters/day in January.

This was disclosed in the Corporation’s February 2021 Monthly Financial and Operations Report (MFOR), signed by its Group General Manager, Group Public Affairs Division Kennie Obateru

The corporation also announced a N39.85billion trading surplus for the month of February 2021 representing a massive 314.24% leap from the N9.62 billion surplus it recorded in January 2021.

The report noted that the significant increase in trading surplus is attributed mainly to reconciled accounts by the Corporation’s downstream subsidiary, the Petroleum Products Marketing Company (PPMC), using the Petroleum Products Pricing Regulatory Agency (PPPRA) pricing template.

Other factors that boosted the trading surplus figure, according to the Corporation, included the performance of Duke Oil, Nigerian Gas Company (NGC), and Nigerian Gas Marketing Company (NGMC) which recorded robust gains as a result of increased debt collection and cost optimization measures.

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Trading surplus or trading deficit is derived after deduction of the expenditure profile from the revenue for the period under review.

“Operating revenue also increased by 35.64 percent to stand at N578.79billion compared to 152.07billion in January 2021,” NNPC said.

Other items mentioned include an increase in expenditure by 29.21 percent or N121.83billion to stand at N538.94billion.

“The expenditure for the month as a proportion of revenue was 0.93% as against 0.98% the previous month”

During the period under review, NNPC report also showed 50 percent increase in pipeline vandalism across the country from 27 to 54 points.

Warri Area accounted for 50% and Mosimi Area accounted for 39% of the vandalized points while Kaduna and Port Harcourt Areas accounted for 7% and 4% respectively.

The corporation express optimism work in collaboration with the local communities and other stakeholders to eliminate the menace of pipeline vandalism.

“In terms of natural gas offtake, commercialization, and utilization, out of the 206.05Billion Cubic Feet (BCF) produced in February 2021, a total of 133.06BCF was commercialized consisting of 40.15 BCF and 92.91 BCF for the domestic and export market respectively.”

“This translates to a total supply of 1,433.75Million Standard Cubic Feet Per Day (mmscfd) of gas to the domestic market and 3,318.25mmscfd of gas supplied to the export market for the month.

“This implies that 64.48% of the average daily gas produced was commercialized while the balance of 35.52% was re-injected, used as upstream fuel gas, or flared.

“Gas flare rate was 7.67% for the month under review (i.e. 565.52mmscfd) compared with average gas flare rate of 7.12% (i.e. 529.20mmscfd) for the period of February 2020 to February 2021,” according to the report

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