The Nigerian National Petroleum Corporation (NNPC) has disclosed that a N39.85 billion trading surplus was recorded for the month of February 2021, which represents a 314.24 per cent leap from the N9.62 billion surplus it recorded in January 2021.
This was part of the February 2021 edition of the NNPC Monthly Financial and Operations Report (MFOR), according to a press release by the Group General Manager, Group Public Affairs Division of the corporation, Dr. Kennie Obateru.
Note that the trading surplus or trading deficit is derived after deduction of the expenditure profile from the revenue for the period under review.
According to the report, in February 2021, NNPC Group’s operating revenue compared to January 2021 increased by 35.64 per cent or N 152.07 billion to stand at N578.79 billion.
Similarly, expenditure for the month increased by 29.21 per cent or N121.83 billion to stand at N538.94 billion.
The expenditure for the month as a proportion of revenue was 0.93 per cent as against 0.98 per cent the previous month.
The significant increase in trading surplus is attributed mainly to reconciled accounts by the corporation’s downstream subsidiary, the Petroleum Products Marketing Company (PPMC), using the Petroleum Products Pricing Regulatory Agency (PPPRA) pricing template.
Other factors that boosted the trading surplus figure, according to the corporation, included the performance of Duke Oil, Nigerian Gas Company (NGC) and Nigerian Gas Marketing Company (NGMC), which recorded robust gains as a result of increased debt collection and cost optimization measures.
Conversely, during the period under review, 54 pipeline points were vandalized, representing a 50 per cent increase from the 27 points recorded in January 2021.
The Warri Area accounted for 50 per cent and Mosimi Area accounted for 39 per cent of the vandalized points while Kaduna and Port Harcourt Areas accounted for seven per cent and four per cent respectively.
NNPC continues to work in collaboration with the local communities and other stakeholders to eliminate the menace of pipeline vandalism.
In the period under review, the corporation supplied a total of 1.41 billion litres of Premium Motor Spirit (petrol) translating to 50.52 million litres/day.
