Home / OIL & GAS / NNPC posts N5.2bn surplus

NNPC posts N5.2bn surplus

NNPC posts N5.2bn surplus

Mele Kyari, GMD, NNPC

The Nigerian National Petroleum Corporation on Sunday announced a trading surplus of N5.2bn for August, reflecting an increase of 22 per cent when compared with the N4.26bn surplus posted in July.

It also announced that a total of 1.92 billion litres of Premium Motor Spirit, popularly called petrol, were distributed during the month under review.

It said the new figures were contained in the August 2019 edition of the NNPC Monthly Financial and Operations Report.

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.

It explained 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.

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

It further stated that the expenditure for the month increased by 7.46 per cent or N37.16bn to reach N535.40bn.

The NNPC stated 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.

Leave a Reply

Your email address will not be published. Required fields are marked *


× Get News Alert