The Nigerian National Petroleum Corporation (NNPC) yesterday released its December 2018 financial and operating report, posting a trading surplus of N12.13 billion, a development it said sprang from the success recorded by its upstream subsidiary, the Nigerian Petroleum Development Company (NPDC).
The national oil company also said it recorded an upsurge in pipeline vandalism which rose by a whopping 34 per cent.
The NNPC Group General Manager, Group Public Affairs Division, Mr. Ndu Ughamadu, who made the disclosures said 257 pipeline points were vandalised, out of which one pipeline point failed to be welded and six pipeline points were ruptured.
He said: “NNPC recorded 197 breaches on its pipelines in November last year. Ibadan-Ilorin, Mosimi-Ibadan, and Atlas Cove-Mosimi network accounted for 90, 69 and 57 compromised points respectively or approximately 34 per cent, 26 per cent and 22 per cent of the vandalised points respectively.
“Despite, the activities of the pipeline marauders, the NNPC report said the corporation continued to diligently monitor the daily stock of Premium Motor Spirit (PMS), otherwise called petrol, to achieve smooth distribution of petroleum products and zero fuel queue across the nation,” he said.
According to him, 1.8 billion litres of PMS, translating to 58.17 million litres/day were supplied for the month. Overall, during the month under review, 1.96 billion litres of white products were distributed and sold by NNPC Downstream subsidiary, Petroleum Products Marketing Company (PPMC), compared with 1.09 billion litres in the market in the November 2018.
This comprised 1.94 billion litres of PMS, 0.0070 billion litres of kerosene and 0.014 billion litres of diesel. Total sale of white products for the period, December 2017 to December 2018, stood at 21.84 billion litres and PMS accounted for 20.17 billion litres or 92.36 per cent.
In terms of value, N241.46 billion was made on the sale of white products by PPMC in December 2018, compared to N146.56 billion sales in November 2018.
Total revenues generated from the sales of white products for the period of December 2017 to December 2018 stood at N2,778.32 billion, with PMS contributing about 89.63 per cent of the total sales with a value of N2,490 billion.
The 41st edition of the NNPC monthly report cited NPDC’s continuous revenue drive arising from recent average weekly production of 332,000bpd as the main driver of the positive outlook.