The Nigerian National Petroleum Company (NNPC) Limited has raked in about N1.7 trillion from crude oil sales in the last 12 months.
This is even as Lagos State reportedly consumed about 149.33 million litres of Premium Motor Spirit(PMS) in two weeks, according to data released by NNPC Limited.
According to the Corporation’s monthly and financial report for August, the sum was earned from March 2020 to March 2021 after it lifted a total of 108 million barrels of crude oil within the year, at an average price of $43 per barrel.
A breakdown of the report showed that, in March 2020, the oil and gas firm lifted approximately 9, 490mn/b; 11, 437mn/b in April; 5, 113m/b in May; 6,274mb in June; and 8,546m/b in July.
In August, NNPC said, it lifted 8, 546mn/b; 8, 490mn/b in September; 10, 333mn/b in October; 9, 532mn/d in November; and 7, 539mn/b in December 2020.
In January 2021, it lifted 5, 542mn/b; 9, 397mn/b in February, and 7, 553mn/b in March 2021, making it a total of 108 million barrels for the period under review.
According to the NNPC, the crude was removed from the daily allocation for domestic use, resulting in an average daily volume of 243,650 barrels of oil.
Between March 2020 and December 2020, price changes went from $25/b in March to $17/b in April, $25/b in May, $40/b in June, $44/b in July, $55/b in August, $40/b in September, $40/b in October, $43/b in November, and $51/b in December 2020.
Crude oil was sold at $57/b in January 2021, $64/b in February, and $64/b in March 2021.
All barrels were processed under the Direct-Sales-Direct Purchase (DSDP) programme, according to NNPC, in order to meet domestic product supply requirements. No barrels were delivered to domestic refineries for processing.
During this time, the official exchange rate of the country was around N400 to the dollar.
NNPC said it earned approximately N71 billion in March, N69 billion in April, N46 billion in May, N90 billion in June, N136 billion in July, N170 billion in August, N130 billion in September, N158 billion in October, N156 billion in November, and N145 billion in December 2020, based on an average of N400 per dollar, various average monthly Brent costs, and monthly crude oil production figures as stated above.
In January 2021, the NNPC earned N124 billion, N230 billion in February, and N184 billion in March 2021.
Within the review period, NNPC Limited reported total revenue from sales of N1.7 trillion.
Meanwhile, the company announced that between May 16 and May 29, 2022, it distributed 966.58 million litres of gasoline across the country.
According to data, the states of Lagos, Kano, and Niger received the most funding.
According to the distribution details, 13 states with high demand received 72 percent of the products delivered, 11 medium demand states received 21% of the product allocation, and 12 states with low demand received the remaining 7% of the PMS allocation.
With 149.33 million litres of PMS distributed, Lagos State, Nigeria’s commercial centre and the continent’s fifth largest economy, received the highest volume of PMS.
Lagos received 149.33 million litres, accounting for around 15.5 percent of the NNPC’s overall distribution to the federation.
Kano came in second with 86.19 million litres, followed by Niger, Oyo, Ogun, Delta, Zamfara, Edo, Adamawa, Kwara, Rivers, Kaduna, and Enugu, who were given 73.91 million, 59.05 million, 51.76 million, 45.86 million, 42.12 million, 34.66 million, 34.28 million, 31.25 million, 31.25 million, 26.07 million, and
Ondo received the least amount of PMS from the NNPC, with 9.6 million litres, followed by Kebbi (8.04 million), Kogi (7.74 million litres), Taraba (7.25 million), Bayelsa (6.2 million), and Nasarawa (5.54 million).
Yobe received 4.9 million litres, Ebonyi (4.9 million), Katsina (4.59 million), Ekiti (4.4 million), Sokoto (4.16 million), Bauchi (2.48 million), and Jigawa (1.1 million) received low volumes due to their usage patterns.
