NNPC nets $378.42m from crude oil sale in June | Ripples Nigeria
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NNPC nets $378.42m from crude oil sale in June

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Mele Kyari

The Nigerian National Petroleum Corporation (NNPC) on Sunday announced a total crude oil and gas export earnings of $378.42 million for June.

The corporation recorded total crude oil earnings of $133.16 million in May.

NNPC, which disclosed this in its June Monthly Financial and Operations Report (MFOR) in Abuja, said the amount was a marked improvement in revenue earnings following the relaxation of the COVID-19 lockdown across the world and the subsequent increased demand and firmer prices for crude oil in the international market.

In the report, the corporation revealed that petroleum receipts for the month reflected crude oil earnings of $230.65million, with gas and miscellaneous proceeds standing at $75.97million and $71.80million respectively.

It puts the total crude oil and gas export earnings for June 2019 to June 2020 at $4.60 billion.

On petroleum products supply in the downstream sector, NNPC said 1.34 billion litres of the products were distributed and sold across the country by the Petroleum Products Marketing Company (PPMC), its downstream subsidiary.

It noted that the figure was significantly higher than the 950.67million litres of white products sold and distributed in May.

READ ALSO: NNPC remits N1.8trn into Federation Account in one year

“Again, an apparent reflection of the gradual ease of the lockdown in the country and the picking up of business activities,” the corporation added.

A breakdown of the June 2020 figures indicated that over 1.3billion litres of Premium Motor Spirit (PMS), 5.10million litres of Automotive Gas Oil (AGO) and 1.65million litres of Dual Purpose Kerosene (DPK), were sold and distributed during the period.

“White products sale for the period from June 2019 to June 2020, stood at over 19.104billion litres, with PMS accounting for over 18.9billion litres or 99.36 percent.

“In monetary value terms, the above volumes translated to a total sale of ₦134.22billion of white products by PPMC in June, compared to ₦92.58billion sales in May.

“Total revenues recorded from the sales of white products for the period from June 2019 to June 2020 stood at over ₦2.267trillion, where PMS contributed about 99.12 percent of the total sales, with a value of over ₦2.247trillion,” NNPC concluded.

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