Nigerian National Petroleum Corporation

The Nigerian National Petroleum Corporation (NNPC) says it’s recorded N39.85 billion trading surplus for the month of February 2021.

The Nigerian National Petroleum Corporation (NNPC) says it’s recorded N39.85 billion trading surplus for the month of February 2021.

Trading or excessive deficit is based on the deduction of the cost profile from the revenue for the period under review.

The amount represents a 314.24 per cent increase from the N9.62billion surplus it listed in January 2021.

This is included in the February 2021 variant of this NNPC Monthly Financial and Operations Report (MFOR).

The report stated in February 2021, NNPC Group operating revenue as compared to January 2021, increased by 35.64 percentage or N152.07billion to stand at N578.79 billion.

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Similarly, expenditure for the month increased by 29.21percentage or N121.83billion to stand at N538.94billion.

The cost for the month as a percentage of earnings was 0.93 per cent against 0.98 per cent the previous month.

The Corporation attributed the substantial increase in trading surplus 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 things that boosted the trading surplus figure, according to the Corporation, included the operation of Duke Oil, Nigerian Gas Company (NGC) and Nigerian Gas Marketing Company (NGMC) which recorded strong gains as a result of increased debt collection and cost optimisation measures.

The report disclosed, however, that during the time under review, 54 pipeline points were vandalised representing a 50 per cent increase from the 27 points listed in January 2021.

The Warri Area accounted for 50 per cent and Mosimi Area accounted for 39 per cent of the vandalised points while Kaduna and Port Harcourt Areas accounted for 7 per cent and 4 per cent respectively.

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