Petrol Climbs to 99.4% in NNPC’s Total Product Imports

The Nigerian National Petroleum Corporation (NNPC) has proceeded to reduce the number of refined petroleum products it imports to simply premium motor spirit (petrol), with kerosene imports now completely discontinued.

In March of this year, the amount of petrol imported into the country by the firm increased to 99.24 percent.
According to the figures in the NNPC Monthly Financial and Operations Report (MFOR) for March 2021, only 450,000 litres of diesel were imported into the country during the month, accounting for less than 0.76 percent of total imports.

According to the figures in the NNPC Monthly Financial and Operations Report (MFOR) for March 2021, only 450,000 litres of diesel were imported into the country during the month, accounting for less than 0.76 percent of total imports.

The NNPC announced that its downstream subsidiary, the Petroleum Goods Marketing Company (PPMC), generated N234.63 billion in revenue from the sale of white products in March 2021, a 24.7 percent increase over the N188.15 billion in sales reported in February 2021.

According to the study, overall revenue earned from the sale of white products for the period March 2020 to March 2021 was N2.129 trillion, with petrol accounting for 99.24% of total sales, valued at N2.113 trillion.

In terms of volume, it was noted that the above value equated to 1.75 billion litres of white products supplied and distributed by PPMC in March 2021, as opposed to 1.4 billion litres in February 2021.
“There are 1.782 billion litres of gasoline and 0.45 million litres of diesel in this volume.

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For the period March 2020 to March 2021, total white product sales were 17.374 billion litres, with petrol accounting for 17.265 billion litres, or 99.37 percent.
The NNPC added, “The NNPC continues to meticulously monitor the daily stock of petrol in order to achieve uninterrupted supply, effective distribution, and zero fuel lines throughout Nigeria.”

In the gas sector, the company reported that it generated 222.74 billion cubic feet (bcf) of natural gas in March 2021, which translates to an average daily output of 7,183.33 million standard cubic feet per day (mmscfd).

“From March 2020 to March 2021, a total of 2,911.62 billion cubic feet of gas was produced, with an average daily output of 7,409.60 million cubic feet per day.

“Production from joint ventures (JVs), output sharing contracts (PSCs), and the National Petroleum Development Corporation (NPDC) contributed around 63.23 percent, 19.78 percent, and 63.99 percent to total national gas production, respectively,” it added.

NNPC claimed that out of the 210.55 billion cubic feet of natural gas provided in March 2021, a total of 138.38 billion cubic feet was commercialized, with 45.42 billion cubic feet going to the domestic market and 92.96 billion cubic feet going to the export market.

“For the month, this corresponds to a total supply of 1,465.42mmscfd to the domestic market and 2,998.26mmscfd to the export market.

“This means that 63.18 percent of the average daily gas produced was commercialized, leaving 36.82 percent for re-injection, upstream fuel gas, or flare.

“For the month under review, the gas flare rate was 9.50 percent (i.e. 671.13mmscfd), compared to an average gas flare rate of 7.25 percent (i.e. 532.37mmscfd) for the period March 2020 to March 2021,” the firm said.

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According to the NNPC, a total of 844mmscfd was delivered to gas-fired power plants in March 2021, generating roughly 3,530 megawatts (mw), up from 825mmscfd in February 2021, which generated 3,580mw.
In the time under evaluation, the firm documented 70 vandalized spots across its pipeline network, a 29.63 percent increase from the previous month.

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