The Nigerian National Petroleum Corporation sold petrol worth N2.366 trillion to Nigerians between May 2019 and May 2020, the national oil company said in its Monthly Financial and Operations Report released yesterday.
The report stated that N92.58 billion was made from fuel sale by the Petroleum Products Marketing Company in May 2020, while revenue generated from the sales of white products for the period May 2019 to May 2020 stood at N2, 393.88billion. Petrol contributed about 98.84 per cent of the total sales with a value of N2, 366.15 billion.
The NNPC’s May MFOR indicated that the corporation had continued to diligently monitor the daily stock of petrol, to achieve smooth distribution of the product to ensure zero fuel queues across the nation. In the gas sector, the corporation said natural gas production in May 2020 increased by 2.38 per cent at 226.51 billion cubic feet compared to the output in April 2020; translating to an average daily production of 7,480.36million standard cubic feet of gas per day .
“May 2020 report indicated a trading surplus of N2.68 billion compared to the N30.81billion deficit posted in April 2020 when the effect of COVID-19 was at the peak, leading to reduced demand with fluctuating prices” it added.
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