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NNPC posts trading surplus of N5.2bn for August

NNPC to build two new condensate refineries

The Nigerian National Petroleum Corporation (NNPC), on Sunday said it achieved a trading surplus of N5.2bn for the month of August, a 22 per cent inctease above the N4.26 surplus posted for the month of July.

According to the corporation, 1.9 billion littes of petrol were distributed within the same month under review.

These were contained in NNPC’s Monthly Financial and Operations Report for the month of August.

The report attributed the trading surplus increase of 22 per cent to the improved financials posted by the Nigerian Petroleum Development Company, a subsidiary of the corporation, adding that the increased surplus posted by Duke Oil and the reduced deficit by the Nigerian Pipelines and Storage Company equally bolstered the figures for the month.

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The report also disclosed that revenue increased by 7.58 per cent at N540.6bn, representing an increase of N38.10bn when compared with the previous month’s performance.

The report also indicated that the expenditure for the month increased by 7.46 per cent or N37.16bn to reach N535.40bn, adding that N233.42bn was made on the sale of white products by the Petroleum Products Marketing Company in August 2019, compared to N214.7bn sales in July 2019.

Total revenue generated from the sale of white products for the period of August 2018 to August 2019 stood at N2.69tn, with petrol contributing 95.19 per cent of the total sale valued at N2.56tn.

Ripples Nigeria

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Ripples Nigeria

We are an online newspaper, very passionate about Nigerian politics, business and their leaders. We dig deeper, without borders and without fears.
www.ripplesnigeria.com

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