The Nigerian National Petroleum Corporation (NNPC) generated a total of N2.197 trillion from the sale of petrol between December 2019 to December, 2020.
The Group General Manager, Group Public Affairs Division of the NNPC, Dr. Kennie Obateru disclosed this on Friday, March 26.
In a press statement published on the December 2020 edition of the NNPC Monthly Financial and Operations Report (MFOR), Dr. Obateru said “there was an increase of 80.12 percent in trading surplus for the month of December 2020, which stood at N24.19 billion compared to the N14.43 billion surplus recorded in November 2020. The 80.12 per cent increase is due mainly to the significant rise in the profit of NNPC’s flagship upstream entity, the Nigerian Petroleum Development Company (NPDC) amid improved market fundamentals and strong global demand for crude oil”.
“Other contributory factors to the robust trading surplus recorded in the month under review include the improved performance by the Nigerian Gas Marketing Company (NGMC), the Petroleum Products Marketing Company (PPMC), the National Engineering and Technical Company (NETCO) and Duke Oil Incorporated which recorded noticeable gains in their operations”, he said.
Trading surplus or trading deficit is derived after deduction of the expenditure profile from the revenue in the period under review.
The MFOR is published on the Corporation’s website; national dailies as well as independent online news portals to sustain effective communication with stakeholders.