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NNPC records N6.33 billion trade surplus in May – Report

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The Nigerian National Petroleum Corporation (NNPC) He stated that he recorded a trade surplus of 3.33 billion dollars for the month of May, 13 per cent more than the surplus of N5.60 billion obtained in April.

The company revealed this in its monthly and operational report (MFOR) published Sunday in Abuja.

The increase was attributed to the increase in the production of gas and energy and the surplus recorded by the companies of the company, such as NNPC Retail, Petroleum Products Marketing Company (PPMC), Nigerian Pipelines Security Company (NPSC) and Duke Oil.

The report also indicated that, over the period, the NNPC recorded a total of $ 580.32 million in export sales of crude oil and gas, 23.39% more than the previous month’s figure.

“Of this number, exported oil sales contributed $ 458.59 million, which translates into 79.02% of all dollar transactions compared to $ 342.11 million made in May,” he said. He said. .

It also showed that between May 2018 and May 2019 oil and crude oil worth $ 5.97 billion were exported.

In the downward direction, the report states that, to guarantee the uninterrupted supply and effective distribution of gasoline throughout the country to the company, 2.06 trillion liters of petrol were delivered, which translates to 66.49 million liters per day for the month of May.

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He noted that, in addition to the supply, the company continued to monitor the daily gas stock to achieve uniform distribution of petroleum products and a zero-fuel queue across the country.

“Within the period, a total of 60 pipeline points were vandalized which represents 52 per cent decrease from the 125 points vandalized in April.

“The Atlas Cove-Mosimi and Ibadan-Ilorin pipelines accounted for 38 per cent and 23 per cent respectively and other locations accounted for the remaining 39 per cent of the total breaks,” the report said.

The report attributed the improvement to the spirited efforts by NNPC in collaboration with the local communities and other stakeholders to continuously strive to reduce and eventually eliminate this menace.

The May 2019 NNPC MFOR is the 46th in the series, designed to provide greater transparency and remove the perception of opacity associated with the operations of the national oil company.

It will be recalled that the new NNPC Group of managing Director, Mele Kyari, and his team had pledged to enhance the current approach to encourage increased citizen participation and greater accountability to the public.